Time Inc Chief Executive Officer Joe Ripp is reorganizing the structure of the world's largest magazine publisher and consolidating oversight as it prepares to spin off from its corporate parent Time Warner, according to a memo to staff on Tuesday. Time Inc is eliminating three operating units - sports and news, lifestyle and entertainment - that divided its stable of titles such as popular U.S. magazines Sports Illustrated and People.The company also plans to cut about 500 positions globally, or roughly 6 percent of its workforce, said a person familiar with the company.The move to reorganize the publisher's six-year-old structure comes as Time Inc integrates American Express Publishing, which it bought last year, and prepares to separate from Time Warner Inc this year.The magazine industry has been hit with declining circulation and advertising revenue as people choose to read on mobile devices. For the third quarter, revenue at Time Inc fell 2 percent to $844 million on weaker subscriptions and advertising sales.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX traded higher by 1.71% or $1.055/share to $62.58. In the past year, the shares have traded as low as $49.90 and as high as $70.77. On average, 4873680 shares of TWX exchange hands on a given day and today's volume is recorded at 3391154.
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