Meredith, Time Inc. merger to cost 1,000 jobs
Des Moines, Iowa – Magazine and broadcasting company Meredith plans to eliminate 1,000 jobs over the next 10 months as it integrates the operations of Time Inc., which it bought six weeks ago.
Meredith CEO Tom Harty said Wednesday 200 employees have been notified their positions were eliminated. That’s in addition to an announcement last month that 600 jobs in a Time subscription fulfillment center in Tampa, Florida, would be eliminated with the center’s closure.
Iowa-based Meredith bought Time for $1.8 billion and expects to save $500 million in the first two years by combining operations.
Harty says the company is exploring the sale of Time, Sports Illustrated, Fortune and Money magazines after concluding they have different audiences and advertising targets than Meredith’s traditional lifestyle, food, and women’s titles including Better Homes & Gardens.