Keith Kelly of the New York Post reports that layoffs are coming to Time Inc. magazines, specifically Fortune, as the number of staffers taking buyouts has fallen short of expectations.
Kelly writes, “Time Inc. is said to be looking to slash more than 500 jobs from its ranks, with the bulk of the layoffs to happen next week before the process is wrapped up by year-end.
“While not all titles outlined how many volunteers they need, sources said that Time Inc.’s biggest magazines could eliminate as many as 90 editorial positions.
“Fortune is expected to see the deepest cuts at about 40 positions. However, with just over 20 volunteers having stepped up so far, Managing Editor Andy Serwer is widely expected to impose layoffs to make up the shortfall.
“So far, the highest-ranking person on the masthead to accept a buyout is Deputy Managing Editor Steve Koepp, a 29-year veteran who spent 26 years at Time and the past three at Fortune.”
Read more here.
