Peter Kafka

Recent Posts by Peter Kafka

Time Inc. Layoffs Will Cost $60 Million

newstandTime Inc.’s move to lay off about 6 percent of its workforce will cost the company at least $60 million in restructuring charges this year.

Time Inc. corporate parent, Time Warner, disclosed the number as part of its guidance for its 2013 financials.

Restructuring charges aren’t new for Time Inc., because the publisher has been downsizing itself for years. In 2012, the company racked up $27 million in restructuring charges, up from $18 million in 2011.

Time Inc.’s Q4 numbers help explain why CEO Laura Lang is cutting some 500 jobs: Revenue was down 7 percent, to $967 million, and ad revenue was down 4 percent. But the publisher is still the world’s biggest, and it still makes piles of money: Operating income was down 3 percent, to $200 million.

Time Warner CEO Jeff Bewkes may have more to say about the future of his publishing unit during his call later this am; I’ll listen in.


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The problem with the Billionaire Savior phase of the newspaper collapse has always been that billionaires don’t tend to like the kind of authority-questioning journalism that upsets the status quo.

— Ryan Chittum, writing in the Columbia Journalism Review about the promise of Pierre Omidyar’s new media venture with Glenn Greenwald