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Time Warner to cut jobs at magazine unit

February 23, 2008|From the Associated Press

Time Warner Inc. said in its annual regulatory filing Friday that it expected to cut more jobs in its magazine publishing division in the first quarter, resulting in $10 million to $20 million in expenses.

Time Inc. spokeswoman Dawn Bridges said that the job cuts affected fewer than 100 people and that most of them already had occurred in various parts of the company. Time Inc. has a global workforce of more than 10,000.

Time Warner said the division, which includes the titles People, Time, Sports Illustrated and Fortune, incurred $67 million in restructuring costs last year, partly related to the closure of Life magazine.

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