Time magazine announced on Tuesday it would eliminate 22 roles across several departments, citing "significant challenges" as changing times continue to plague the media industry.
All Time staffers were asked to work remotely, and impacted employees received a calendar invite to speak with managers. It’s been a rough year for the media industry, with the Los Angeles Times, Axios, Tampa Bay Times, CNN, The Daily Beast and Vice among the outlets that reduced headcount ahead of the Time layoffs.
"This decision was not made lightly, but it is necessary to build a sustainable company…. We made this decision now for several reasons," Time CEO Jessica Sibley said in a memo to staff that has been obtained by Fox News Digital.
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"First, like our peers, we continue to face significant challenges —from heightened competition for decreased advertising budgets to drastic shifts in consumer behavior, changes to search and social algorithms, and overall economic uncertainty," Sibley continued. "We are making changes now across our business to protect against this period of transformation and unpredictability in the media industry."
Time magazine recently unveiled a fawning cover story on Vice President Kamala Harris that featured a front cover headline that simply reads "Her Moment."
The Time honcho said the company must also "recalibrate and adjust our organizational structure to shift resources to our biggest opportunities for growth."
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"At the highest level, we need to fully own leadership. This is the unifying theme of the most important, the most impactful, and the most commercially successful work we do," Sibley wrote.
"We will guide our work to elevate and cover leaders at every level; holding up and holding accountable the leaders who are transforming our world; inspiring aspiring leaders. We will also provide journalism that serves these present and future leaders. We will focus especially on the areas of leadership where we are having success today: Climate, AI and Health," she added. "That focus will be the foundation of ongoing key business changes."
The Time boss said the company will prioritize scaling its events business to leverage Time Studios to expand branded content offerings and products, while pursuing new revenue streams and strategic partnerships.
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"Finally, to improve our financial position, we must continue to operate as efficiently as possible. We have worked diligently to reduce our operating costs by cutting discretionary spending, reallocating resources from declining areas of our business, limiting the use of contractors, transitioning to remote work outside the U.S., and exploring options for a smaller New York headquarters," Sibley wrote. "I understand that this news is distressing."
Last month, Axios informed staffers on Tuesday that 50 people at the company would be laid off because of "tectonic shifts" in the American media industry.
