The latest on anticipated Q4 cuts at Time Inc.: $100 million in savings is the goal, according to the NYT‘s Stephanie Clifford. While we can confirm layoffs — and the timing to coincide with Time Warner (NYSE: TWX) Q3 earnings next week — that dollar amount is something that I haven’t yet been able to verify. Ditto for the number of positions being cut or people being laid off. The NYT reports that unions have not been notified yet. Last week, the WSJ cited sources who expected the cuts to be similar to last year’s, about 6 percent. Time Warner reports its earnings Wednesday.
To be clear, this doesn’t necessarily mean pink slips are going out next week. The 600 jobs cut last year came during a complete reorganization of the Time Warner unit into three groups. That announcement was made Oct. 28 but it took a couple of weeks for the layoffs to start.
[David adds] As for the specific number of employees that Time Inc. is looking to shed, the NY Post’s Keith Kelly pegs it at 540. That figure is based on the expected 6 percent cut of Time Inc.’s workforce, which Kelly says is down to 9,000 over the past year. A Time Inc. rep confirmed that it has 9,000 global staffers, but declined to comment further on Kelly’s report. We will have further updates as warranted.