NEW YORK: Media giant Time Warner has announced a major overhaul of its business operations and management structure, with some 600 job cuts at its magazine publishing subsidiary Time Inc reportedly in the pipeline.
Time Warner will be divided into three divisions, one handling news titles such as Time and Fortune, a second managing entertainment publications like People, and a third dealing with its lifestyle offerings like Coastal Living.
Previously, most of Time Inc's titles operated on an individual basis, and one consequence of the reorganization could be around 600 redundancies across its editorial and business arms, amounting to around 6% of Time's total global workforce.
Time Inc reported a 9% drop in advertising revenues in Q2, and predicts that marketing revenues will continue to slow for most of next year.
Chief executive Jeff Bewkes, appointed at the start of this year, has previously moved to cut costs by uniting the company's movie operations under the Warner Bros brand, with further changes expected.
Data sourced from Wall Street Journal Online; additional content by WARC staff