Time Inc. to Cut $100 Million; Extensive Layoffs Are Expected (Dinosaur Media DeathWatch™)

The New York Times ^ | October 29, 2009 | Stephanie Clifford

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Signaling that worse times are ahead for magazines, Time Inc. is expected to announce next week that it will cut $100 million from costs, including another big round of layoffs.

The timing is coordinated with parent company Time Warner’s third-quarter earnings announcement, sources said, scheduled for Wednesday morning.

Time Inc., the publisher of titles like Time, Fortune, and People, has already cut costs dramatically: a year ago, it announced it was dismissing 6 percent of its work force, or about 600 people.

That was apparently not enough to make up for revenue declines. The $100 million in costs is expected to come largely from layoffs, said sources, who asked to remain anonymous as they were not authorized to discuss the matter.

Michael Nathanson, an analyst at Sanford C. Bernstein & Co., said he expected that third-quarter revenue at Time Inc. would fall about 19 percent, to $900 million.

“For the year, we’re at about $3.7 billion, and this company had done almost $5 billion as late as 2007,” Mr. Nathanson said.

Since 2004, Time Inc. has cut about $800 million in costs, Mr. Nathanson said.

Overall, Mr. Nathanson said, he expects Time Warner to post earnings of $0.54 cents a share, well up from the $0.30 a share it posted in the third quarter of 2008.

Time Inc. has already been slashing costs over the last several years. Since 2007 it has shut down titles including Business 2.0, Cottage Living, Southern Accents and Life, which it had revived as a newspaper supplement. Last week, Fortune announced that it would no longer be biweekly, and would drop its frequency from 25 to 18 issues a year. A stricter expense-account policy has been in place for some time, and some magazines have decreased the weight of the paper they use.

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src="http://1.bp.blogspot.com/_oP1r9R7e2cs/SawBkPuKcLI/AAAAAAAAAIE/gsl_gVMXjL8/s400/broken

+clock1.jpg">

TIME Stands Still

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TIME Stands Still

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ping

[crescen7]

Gee, these guys are way behind the curve. Didn’t they here - the recession ended today ! Happy Days are Here Again !

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http://nymag.com/daily/intel/2009/10/jon_meacham_as_far_as_digital.html
Jon Meacham: As Far As Digital Delivery of Print Goes, We’re ‘Kind of Where the Sony Cassette Walkman Was’

http://weblogs.jomc.unc.edu/talkingbiznews/?p=11548
ACBJ CEO talks about the business of business news

http://www.google.com/hostednews/ap/article/ALeqM5iCcKlUw-MuMb3ZaxTojKgdBXBYjAD9BKTU3O0
Editors see financial gains from cutting frequency

http://www.boston.com/business/ticker/2009/10/globe_publisher_2.html
Globe publisher Ainsley to retire; Mayer promoted

http://www.poynter.org/column.asp?id=45&aid=172607
Wall Street Journal closes its Boston bureau

http://www.philly.com/inquirer/business/20091029_Papers_cite_20_6__drop_in_revenue__but_stay_in_black.html
Papers cite 20.6% drop in revenue, but stay in black

http://www.washingtonpost.com/wp-dyn/content/article/2009/10/28/AR2009102804896.html
The vestigial tale

http://www.slate.com/id/2233849/
Paper HangersNewspapers aren’t doing as badly as you think.

[ConservativeMind]

I’m glad Time is slashing liberals out of the budget, but these dang DNC outlets are still left surviving.

I want to see them go under. Fast.

[tired&retired]

I guess Glenn Becks picture was an appropriate cover for them... Who gets to laugh last?????? LOL

[Parley Baer]

Great news.

[abb]

[rj45mis]

hehehe! i order subscriptions for my office and I dropped Time at the first opportunity.

[doc1019]

Cleaning house before the government bail out?

[Cicero]

Well, I think they had Obama on the cover about 18 times this year. How’d that work for them? Maybe they should have tried Madonna or Princess Di.

Actually, Rolling Stone won the Obama Cover of the Year Award from the Magazine Editors Group, so I guess all those Time covers just didn’t work very well:

http://newsbusters.org/blogs/lachlan-markay/2009/10/15/magazine-editors-group-creates-award-category-obama-magazine-covers

[abb]

TIME

"TIME, oh, TIME
Where did you go
TIME, oh, good, good TIME
Where did you go"

[ken5050]

Just wait..Time is considering adopting the same strategy as SI..with a swimsuit edition..they can’t wait to put Zero and Michelle on the cover....

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http://www.broadcastingcable.com/article/366773-Meredith_Broadcast_Revenue_Down_13_.php
Meredith Broadcast Revenue Down 13%

http://www.businessinsider.com/comcast-nbc-deal-hits-a-few-snags-2009-10
Comcast-NBC Deal Hits A Few Snags

http://www.guardian.co.uk/media/pda/2009/oct/29/sales-fall-newspaper-readership
As sales fall, newspapers must find a way to measure multimedia readership

http://www.nytimes.com/2009/10/29/business/global/29copy.html?_r=1
Germany Looks at Ways to Protect Online Journalism

http://www.guardian.co.uk/media/2009/oct/29/bbc-cut-100-managers
BBC to cut more than 100 managers to make £20m executive savings

http://www.mediabistro.com/fishbowlny/media_events/good_riddance_to_the_mainstream_media_not_quite_yet_141554.asp
Good Riddance To The Mainstream Media? Not Quite Yet

[TMA62]

Perhaps TIME’s “Man of the Year for 2009” will be one of its own laid off writers.

[Bobkk47]

Gee, that headline brightened up my day.

[abb]

Father TIME

[Recovering Ex-hippie]

I think the best song is the one Vanilla Fudge did with endless stoned “ Time...Time...Time...” ha.

[EGPWS]

Signaling that worse times are ahead for magazines, Time Inc. is expected to announce next week that it will cut $100 million from costs, including another big round of layoffs.

Time for another stimulus package to keep the left biased press running.

Fire up some more printing presses....Oh, I did a pun!

[Chode]

Eyes are blinded by tears of pain
Hopes and dreams are shattered into fragments time and time again
Life's a prison and death's the key
Time take my life (x's 9)
It's gotta bring me down. Down down down 'til I'm free.

Where's the reason and where's the rhyme
Life's a single second in the eternity of time
Life's a gift that time takes away
Time take my life (x's 9)
It's gotta bring me down. Down down down everyday, everyday.

repeat 1st verse and chorus
Until your last breath, until your last breath slips away
(that's what time is babe, that's what life's all about babe
you can't rule it babe, it's gotcha babe)

[Harley]

OK all employees line up. Only those that have shown the most loyalty to the master high leader and messiah will be retained. All others we wish you all the best in your new adventures and careers.

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http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1004031690
FCC Looks to Assess ‘State of the Media’

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1004031741
Wells Fargo Downgrades Gannett Over Advertising, Circ, and ... Leno?

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1004031704
Two Minnesota Dailies Opt to Drop Days

[abb]

TIME Is On My Side

[KoRn]

I guess Treasury will convert “Time” into a “Bank Holding Company” and give them 10 trillion dollars....

[BooBoo1000]

Will not be missed much, read this weeks addition, nothing worth reading. Should have been scuttled long ago. Left Leaning rag, that was a waste of trees.

[abb]

I Ain't Got TIME Anymore

[Eric in the Ozarks]

My last TIME was their gun/suicide issue 25 years ago. I realized they’d been taken over by fools.

[abb]

Lookie here!!!

http://www.politico.com/blogs/michaelcalderone/1009/Layoffs_expected_at_AP_by_end_of_09.html
Layoffs expected at AP by end of ‘09

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http://www.insideradio.com/Article.asp?id=1565921&spid=32060
FCC TO STUDY MEDIA HEALTH.

http://www.nypost.com/p/news/business/it_for_forbes_editor_corps_yl8wOvThJj3W8cTtjV5p1L
It’s ‘30’ for Forbes editor corps

[vetvetdoug]

These publishing POS should reap what they have sown. The magazines and newspapers cater to the left and right coasts and ignore the flyover’s needs and hence why they are failing.

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http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=116307
Digital King: NBC Is No. 1 Network Online

http://newsosaur.blogspot.com/
Harvard hoedown ponder$ making $ in new$

http://cancelthebee.blogspot.com/
Tally of daily circulation losses at McClatchy newspapers

http://www.gannettoid.com/index.html
Gannett’s circulation report

[martin_fierro]

May they burn in he’ll.

[Recovering Ex-hippie]

WHERE’S vANILLA FUDGE ALBUM?

When I post the pics they are HUGH.ha.

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TIME Is Tight

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Frozen in TIME

[CaptSkip]

So this is why Joe Klein's panties are all in a bunch...

[Mamzelle]

Wonder if the last story some of these “reporters” reported was the end of the recession with the uptick of the bogus GDP numbers...

[rlmorel]

I stopped reading Time around 1995 or so, around the same time I stopped reading Newsweek and US News and World Report.

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The Future of TIME

[Mister Muggles]

We’re all socialists now...

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http://www.minnpost.com/braublog/2009/10/29/12967/another_minnesota_newspaper_pulls_back
Another Minnesota newspaper pulls back

[Recovering Ex-hippie]

HELP!

I have been searching all over the internet for the song...I think it was Vanilla Fudge that did it...maybe not.
The song slows down towards the end and then the group just sings the word Time, slowly again and again. Pretty sure its a Black Band of the late 60’s.

If no one can find it...I will be up all night!!!

[Interesting Times]

THE GUESS WHO - No Time

(Randy Bachman and Burton Cummings)

(No time left for you) On my way to better things
(No time left for you) I found myself some wings
(No time left for you) Distant roads are callin’ me
(No time left for you) Da-un-da-un-da-un-da-un-da

No time for a summer friend
No time for the love you send
Seasons change and so did I
You need not wonder why
You need not wonder why
There’s no time left for you
No time left for you

(No time left for you) On my way to better things
(No time left for you) I found myself some wings
(No time left for you) Distant roads are callin’ me
(No time left for you) Day-un-day-un-day-un-day-un-day

No time for a gentle rain
No time for my watch and chain
No time for revolving doors
No time for the killin’ floor
No time for the killin’ floor
There’s no time left for you
No time left for you

No time for a summer friend
No time for the love you send
Seasons change and so did I
You need not wonder why
You need not wonder why
There’s no time left for you
No time left for you

No time, no time, no time, no time
No time, no time, no time, no time
I got, got, got, got no time
I got, got, got, got no time
I got, got, got, got no time
No-no-no, no-no-no, no time
No-no-no, no-no-no, no time
I got, got, got, got no time
No-no-no, no-no-no, no-no-no,
no-no-no, no-no-no, no-no-no, no time
I got no time, got no time, got no time, got no time, got no time

[Willie Green]

The Chambers Brothers: Time Has Come Today Hey!

[kittymyrib]

Hadn’t seen an issue of Time in years until the other day and was amazed at how it had shrunk. What companies in this economy still pay for ads in these dying publications?

[abb]

I think this is the one you're thinking about. The Chambers Brothers.

TIME has Come Today

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No TIME

[abb]

Fixing up all these pics and links to songs was quite a little project.

It is plain I have too much TIME on my hands...

[abb]

You'll want to see this little gem from when the group appeared on Ed Sullivan. Slightly different arrangement from the studio version. I like it better.

TIME has Come Today