The world’s biggest magazine publisher is about to reduce its workforce by 300. Following its takeover of Time Inc, it was never a secret that there would be some major cuts due to redundancies and overall cost saving efforts. But most, if not all the cuts will undoubtedly be on the Time Inc side. It is part of Meredith’s overall effort to save a half billion dollars over the next two years. This is ahead of a planned semi relaunch of the company later on this spring were Meredith will showcase its new stable of brands and executive leadership. These layoffs come behind news last week that Meredith officially hired two major banks to help it unload Sports Illustrated, Time, Money and Fortune, four brands that definitely do not fit into Meredith’s more female focused lifestyle offerings. The company expects those brands to attract potential buyers who are super wealthy individuals, such as philanthropists and/or billionaires.
There is no word on what each of those publications will sell for, but we’re guessing those sales will help Meredith reach its $500 million savings goal. The 300 jobs on the chopping block now may just be the beginning. When Meredith took over Time Inc, it took on many operating units of Time Inc as well. Meredith has already begun eliminating workers at Time Inc’s customer service unit in Florida and there is still verdicts out on other former Time Inc divisions like The Foundry, a content studio. Meredith already operates MXM its own content digital agency. Meredith could easily rebrand the Foundry which currently operates out of Brooklyn or fold it into MXM. Either option will lead to multiple layoffs.