Time Inc. sent memos to employees at Fortune, Time, People and Sports Illustrated asking for volunteers to take buyout packages. The offer was part of Time Inc.’s reorganization plan announced a couple weeks ago and was limited to editorial employees at magazines that have contracts with the Newspaper Guild. The company is looking for roughly 100 volunteers from editorial, with about 40 from Sports Illustrated alone.
Meredith Publishing just reported they lay off 12 Senior Vice Presidents last week because of sluggish magazine sales and declining revenue.
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