Time magazine is cutting 22 roles across departments, including editorial, technology, sales & marketing and Time Studios.
In a memo to staff announcing the layoffs Tuesday, Time CEO Jessica Sibley cited business challenges, including lower advertising budgets, competition and shifts in consumer behavior, and a shift to focus on higher growth coverage areas, which include Climate, AI and Health.
“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. We are making changes now across our business to protect against this period of transformation and unpredictability in the media industry,” Sibley wrote in the memo.
www.hollywoodreporter.com/business/business-news/time-magazine-lays-off-staffers-1235979155/