Another publisher, Time Inc., is laying off 6% or about 500 employees in an effort to streamline operations at the 21-title publishing house. The lay-offs came after a thorough examination by Bain & Co and, according to a memo by CEO Laura Lang.
“With the significant and ongoing changes in our industry, we must continue to transform our company into one that is leaner, more nimble and more innately multi-platform,” she wrote. “To make this change, we need to operate as smartly and efficiently as possible to create room for critical investments and new initiatives. These reductions are part of this important transformation process.”
The transformation is the first major round of lay-offs in five years. The company revenue for most of last year hit $2.5 billion, down 6.2% from 2011.
It will be interesting – and jarring – to watch as old media sheds staff once dedicated to producing a smooth-running print enterprise. While it’s clear Time Inc. won’t be going anywhere soon, it’s sad to see the value of its valuable print franchises slowly drying up.