Not even a TIME magazine-annointed Person of the Year can avoid the ax in this age of media transformation:
Time Inc., the country's largest magazine publisher, spent the morning telling hundreds of staffers their jobs were being eliminated — in its latest and largest yet round of staff cuts — for the company's good.
"As you all know, the past year has been a time of transition at Time Inc.," said Chairman-CEO Ann S. Moore in a midday memo to staff. "While we continue to invest in our core magazines, we are also focused on transforming our work force and broadening our digital capabilities in order to become a truly multiplatform publisher. [...]
Of the 289 jobs eliminated, 117 are coming from the business side. Of the 172 editorial jobs being axed, the company hopes 86 will come from volunteers taking buyout packages — while the other 86 are simply losing their posts.
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