NEW YORK (Reuters) - Time Inc
The cuts were being made as the New York-based media company, which publishes dozens of magazines including Time, Sports Illustrated and Fortune, is looking to cut costs and reinvest in growth areas, according to the memo from Time Inc Chief Executive Officer Rich Battista to employees.
Time Inc, like its peers in the publishing industry, has been struggling as print circulations shrink and advertisers shift to digital platforms.
Time Inc replaced its chief executive officer and evaluated a sale earlier this year after activist hedge fund Jana Partners LLC unveiled a stake in the company.
Meredith Corp
In May, Jana disclosed it had sold its stake in Time Inc.
(Reporting by Jessica Toonkel; Editing by Jeffrey Benkoe)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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