Time Europe has confirmed its commitment to operate out of London, amid rumours it is to shut its Paris bureau and announce a number of job cuts.
Time Inc, the iconic title’s parent company and publishing division of Time Warner, is expected to announce a number of job losses in the next week as part of a streamlining process. At least 150 employees are expected to receive their ‘pink slips’– or dismissal notices.
Simultaneously, there is speculation that Time’s Paris bureau is set to close, according to a report from the New York Times. The rumoured job cuts come on the heels of a cutback last year in which more than 600 workers, mostly on the business side, were laid off from across Time Inc, which owns over 150 magazines worldwide.
A spokeswoman for Time magazine said the company had ‘nothing to announce’but that if changes were to be made, they would not be dramatic and Time Europe’s publishing from London would remain unaffected. Its London bureau chief, Jeff McAllister, left the magazine in December 2006 under what the spokeswoman called ‘a mutual agreement”. He had been in the position since September 1999.
The almost 90-year-old magazine still sells over 5.2 million copies a week worldwide. Last year, it celebrated its 60th year in Europe and its publication date was moved forward – to Friday from Monday – to catch more readers pre-weekend.