Time Warner is reported to be in talks to shed much of Time Inc, the largest magazine publisher in the United States, which in turn controls IPC Media, in Britain.
The company is said to be in early discussions to put most of Time Inc’s magazines into a separate, publicly traded company.
Time Warner’s chairman and CEO, Jeffrey Bewkes, has been gradually downsizing the company and Time Inc has been subject to recent cuts.
Recently, Laura Lang CEO at Time Inc, announced that it would cut nearly 500 jobs, about 6% of its 8,000 global staff. She explained that it was necessary to make the company “leaner, more nimble and more innately multi-platform.”
Within hours of that announcement, IPC Media, said it would cut 150 jobs, equating to 8% of its total staff.
The Inspire division of IPC publishes some of Britain’s best-known yachting magazines including:
- European Boat Builder
- IBI
- Motor Boat & Yachting
- Motor Boat Monthly
- Practical Boat Owner
- Superyacht Business
- Superyacht World
- Yachting Monthly
- Yachting World
IPC Media’s CEO, Sylvia Auton, said the cuts would be accompanied by “organisational changes” and sweeping changes to contracts for any new employees, with diminished terms and conditions, including alterations to maternity leave.
Sources: Forbes/New York Times