DES MOINES, Iowa — Meredith Corporation announced plans on Wednesday to lay off at least 1,000 employees and sell off magazine titles including TIME and Sports Illustrated as it transitions to the future following its acquisition of Time, Inc. earlier this year.
Meredith says 200 jobs have already been cut since the purchase of Time, Inc. They now plan to cut approximately 1,000 more positions in the next ten months. The company says it had previously estimated that just 600 jobs would be cut.
On top of the job cuts Meredith plans to seek buyers for four publications: TIME, Sports Illustrated, Fortune and Money. “These are attractive properties with strong consumer reach,” Meredith President and CEO Tom Harty announced in a press release, “However, they have different target audiences and advertising bases, and we believe each brand is better suited for success with a new owner.”
Meredith says it trying to find $400-$500 million in “cost synergies” following the transition.