NEW YORK (AP) _ Time Inc., the magazine unit of Time Warner Inc. (NYSE:TWX), cut 250 jobs Friday as part of an ongoing shakeup at the publisher of Sports Illustrated and People.
Including the latest layoffs, Time has cut more than 450 of its 12,000 jobs since December.
That's when the unit's chief executive, Ann Moore, appointed Nora McAniff and John Squires as co-chief operating officers, in an effort to cut costs, speed decision-making and accelerate its expansion beyond print.
``This is not just about cost-cutting. We are reallocating our assets as we continue to evolve from a magazine publisher to a multi-platform media company,'' said Ali Zelenko, a Time spokeswoman.
The latest round of job cuts chiefly affects mid-level to junior-level business personnel across most of the company's more than 150 titles.
In January, the company cut more than 100 editorial and other staff positions, which followed the December shakeup that cost 105 people their jobs.
Time expects the latest round of job cuts to be its last for the forseeable future.
Like other magazine publishers, Time is seeking to break away from its dependence on print advertising revenue, and has branched out into merchandising, television, and on-line and wireless content.
In 2005, Time Inc. increased operating profit 10 per cent to $1 billion as revenue rose five per cent to $5.8 billion.
Shares of Time Warner slipped five cents to $16.64 in afternoon trading Friday on the New York Stock Exchange. The media and entertainment company is based in New York.
