Time Inc. Buyer Meredith Cuts 200 Jobs as It Merges Magazines
(Bloomberg) -- Meredith Corp., the magazine publisher that acquired Time Inc. earlier this year, is eliminating about 200 jobs as it slashes costs and merges publications.
Cooking Light and EatingWell will be combined into one publication, the company said on Wednesday. It also plans to outsource back-office newsstand functions, such as billing and collections.
Meredith, known for publications such as Better Homes & Gardens, expanded its portfolio with the $1.8 billion take over of Time Inc. in January. Now it’s looking for ways to eliminate duplication and streamline operations. It also put some of Time Inc.’s biggest publications up for sale, including Sports Illustrated, Fortune and Time itself.
As of the end of June, Meredith had about 7,500 full-time workers and 415 part-time employees.
With the culinary magazines, the idea is to retain EatingWell as a print magazine that’s published 10 times a year. Cooking Light will live on as an online and social-media brand, Meredith said.
“These actions best position Meredith for continued success,” Chief Executive Officer Tom Harty said in a statement.
The cutbacks also include offloading Meredith’s hardcover retail book business to a third party. And the company will consolidate functions in production, advertising, editorial and other departments.
Another publication, Coastal Living, will no longer be a subscription magazine. It will become a so-called special-interest publication -- a title that only appears on newsstands and online.
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