It's nearly Halloween again; time for Time Inc. to terrify everyone with a gigantic bloodletting. Last year that meant the firing of 600 staff; this year it means the firing of however many workers $100 million buys. (Updated)
Time Inc. is planning to cut $100 million in (presumably annual) costs, sources tell the New York Times' Stephanie Clifford, and the magazine group plans to achieve those savings primarily through layoffs. Yikes; there are enough journalism jobless as it is. Still, $100 million is just 2.7 percent of the company's estimated revenues this year, and less than half of estimate losses in the third quarter alone. So it's hard to see how this round of cuts will stop the bleeding.
The point being, things haven't even begun to get horrific yet. Maybe next year.
UPDATE: A little birdie tells us that People is slated to cut $3 million in costs, resulting in the layoff of about 20 staff. Rumor has it the cuts will fall most heavily on top editors. The celebrity magazine laid off 18 in December.