The massive Time Inc. layoff-buyouts are now sweeping through the company's various magazines. Below, a memo that just went out to Time magazine editorial employees offering them buyouts. Run, don't walk!

To: TIME Edit staff
From: Rick Stengel
Date: Nov. 4, 2009

Time Inc continues to look at ways to reduce costs and lower operating
expenses. As a result, there will be an opportunity for a limited number
(up to 12) of Time Edit staffers to volunteer and depart with a severance
package. We will entertain volunteers from all Guild-covered categories in
all geographic locations. The call for volunteers will expire on the close
of business November 18th. Anyone interested in knowing more details and
having a confidential conversation about a severance package should contact
Peter Vincent at x7294. Let¹s all meet in the bullpen at 9:45 this morning
before the regular 10 o¹clock meeting. Thanks, Rick

And a rumor from Editorialiste on Twitter: "Top Time Inc. editors willing to take salary cuts to save jobs." Admirable.

Send an email to Hamilton Nolan, the author of this post, at Hamilton@gawker.com.