Time Inc. is bracing for another round of cutbacks.
Sources say the layoffs will be most severe in the division that includes Fortune, Sports Illustrated, Time and Money, and will be carried out before the Thanksgiving break.
Since many of the old-line titles at Time Inc. are covered by union contracts with the Newspaper Guild, the company will likely have to offer voluntary buyout options as part of the downsizing.
Time is running out if it hopes to complete the layoffs and write off the costs in the fourth quarter.
Ann Moore, CEO of Time Inc., personally took over supervision of that unit when she assigned its former group head and executive vice president, John Squires, to the new digital publishing initiative. He is charged with working on getting magazines onto e-readers.
Time Inc. axed about 600 people last year, and is down to about 9,000 employees worldwide.
The guessing game inside the company says that this round of cuts will not be as deep as a year ago.
But, as one insider said, "It changes week to week and nothing is final yet."
Condé cuts
At 4 Times Square, the Condé Nast carnage, which began on Oct. 5 with the axing of 180 people and closing of four magazines, stretched into its fourth week.
Staffers were laid off from the edit side at Details and the business side at Teen Vogue.
At Details, Executive Editor Greg Williams was among two people let go by Editor-in-Chief Dan Peres.
Laura McKeown, the publisher of Teen Vogue, delivered the bad news to six members of the business staff.
The total number of people axed at Condé Nast this year has now surpassed 450 people.
The founders of aggregation site Reddit, which Condé bought three years ago for an undisclosed sum, are also leaving the company. Steve Huffman and Alexis Ohanian said in a blog post that their contracts are up and they want to pursue other things.
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