US largest magazine publisher Time Inc. announced mass job cuts

Baku. 14 June. REPORT.AZ/ Time Inc. said on Tuesday it is eliminating 300 positions, or 4 percent of its workforce, through layoffs and buyouts,Report informs citing the Wall Street Journal.

The cuts were being made as the New York-based media company, which publishes dozens of magazines including Time, Sports Illustrated and Fortune magazines, is looking to cut costs and reinvest in growth areas, according to the memo from Time Inc Chief Executive Officer Rich Battista to employees.

The next six months or a year will be crucial in connection with the restructuring in the company, he said.

Time Inc. has already begun to hire a greater number of employees specializing in digital and video spheres, as well as digital sales.