Just in time for the holidays, Time Inc which unlike its competitors is beholden to shareholders is expected to layoff about 200 workers across its operations by mid November. Editorial is expected to take the brunt of it as CEO Rich Battista continues to work feverishly to deliver on a promise he made to Wall Street that he will shave $400 million in costs. Its part of a restructuring/slimming down plan being advised on by McKinsey & CO partner Christian Schmitz which includes the planned sale of some assets like Time Inc’s UK division, its customer service business and Sunset, Golf and Essence magazines. Time Inc unlike its competitors unfortunately operates in the public eye which underscores a point billionaire Edgar Bronfman made after walking away from trying to acquire the publisher. He said that “Time Inc will not be able to transform itself into a multi media company if it remains a public company. Bronfman went on to say that “the company should exist far outside the magazine world at this point but they don’t.”
At least one big part of the restructuring plan seems to be proceeding full steam ahead as the company gets ready to sell its Time UK division, which publishes magazines including Wallpaper, Horse & Hound, World Soccer — as well as the British versions of Marie Claire and In Style, among others. The private equity firm Epiris is reportedly closing in on a deal to buy the London-based unit for just under $200 million.
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