(Via and H/T to The New York Observer)
The Story comes via the New York Times, first a quote and then my thoughts:
Time Inc., the world’s largest magazine publisher, plans to cut 6 percent of its work force — more than 600 positions — and will revamp the organization in a way that could radically alter the culture at the company.
The company outlined the overhaul on Tuesday evening in a memorandum to employees after The New York Times revealed the cuts on its Web site. The layoffs will begin in about two weeks.
No magazines are scheduled to close, but some are likely to be severely cut back. Ann S. Moore, Time Inc.’s chairman and chief executive, was already planning an overhaul because of the upheavals in print media, but she was forced to speed up those efforts amid the financial crisis and looming recession.
Time Inc.’s 24 magazines in the United States and their Web sites will be organized into three divisions: news, which will include Fortune, Money, Time and Sports Illustrated; lifestyle titles, which include Real Simple, Cottage Living, Coastal Living and Southern Living, among others; and style and entertainment, which includes People, InStyle and Entertainment Weekly, which has suffered a severe downturn and is likely to be whittled down under the new structure.
Heads of the news and entertainment units will continue to report to John Huey, the editor in chief of Time Inc. The lifestyle unit, which may be run by Bill Shapiro, who has been development editor, will report to the business side of the company. Martha Nelson, who is editor of the People Group, will head the entertainment division.
Ms. Moore declined to be interviewed, but in an article published in The Times of London a little more than two weeks ago she said, “I don’t know if there will be layoffs.”
My take:
Unlike some of esteemed colleagues in the “Right of Center” Blogosphere who would take some sort of perverse pleasure in trashing this company, because of their political stance. I shall refrain from such petty nonsense. This is simply a sign of the times, the world is changing, print magazines are passé and very old hat. The digital revolution is now upon us. Publishers have a choice to either join the revolution or fight it. Fighting it can be costly decision, most have found a way to serve the digital crowd and keep their print customers happy; The New York Times being a perfect example. But there are those who fail to embrace the changing world around them.
Another factor is the economy, that dreaded thing called the Stock Market controls the way our economy operates. It is quite astounding to this writer, how that the actions of a few well-heeled financial tycoons can affect the way our economy operates. But such is the way the World I suppose.
We are living in a different world, one must decide to either embrace it or live a very backward existence.