Time is slashing 22 jobs as the volatile media environment continues to squeeze the iconic magazine.
Time chief executive office Jessica Sibley said Tuesday that the company is slashing roles across several departments including editorial, technology, sales & marketing and Time Studios.
In a memo obtained by The Post, Sibley told staffers: “It is incredibly hard to say goodbye to our talented colleagues; we are deeply grateful for their contributions to Time’s culture, mission and legacy, and we will closely support them through this period of transition.”
The CEO said the decision was made so that the company can build a “sustainable” future due to headwinds facing the industry and economic uncertainty.
She cited “significant challenges” like “heightened competition for decreased advertising budgets,” as well as “drastic” shifts in consumer behavior, and changes to search and social algorithms that have depresssed web traffic at news sites.
A rep for Time declined to comment on the company’s headcount.
Time magazine was under fire earlier this month for its fawning cover story featuring Vice President Kamala Harris, despite her refusing an interview with the publication. Conservatives ripped the piece over the absence of Harris’ voice and the vice president’s opaque policy agenda.
In her Tuesday memo, Sibley said Time is “making changes now across our business to protect against this period of transformation and unpredictability in the media industry,” she said adding that the company will continue to make leadership its “north star” for its editorial team.
As part of that push, Time will focus on leadership and journalism in areas like climate, artificial intelligence and health.
On the business side, the company hopes to drive revenue growth with direct-sold advertising sponsorships and strategic partnerships. The exec also said it would grow its branded content offerings and pursue ways to expand advertising on social media, among other things.
The exec also touted strategic partnerships with Taboola, Statista and recent deals with AI companies, which she said will “further protect” Time and” its journalism” without providing details on how.
The company will also continue to reduce costs and discretionary spending across its businesses, including explore options for a smaller New York headquarters.
The move comes after Time cut 30 staffers across editorial, technology sales and its studios division in January. The section that took the biggest hit then was Time Kids, a news publication for school-age children.
The cuts come at a particularly volatile time for media companies, which are being squeezed by shrinking advertising and a slowdown in web traffic due to changes in Facebook and Google’s search algorithm.
Earlier this month, Axios slashed 50 jobs, citing a volatile media environment. The news-centric site followed a slew of cuts from digital media firms like Business Insider, which slashed 8% of its staff in January. The Messenger, a news startup, shut down entirely at the end of January after less than a year in operations, leaving 300 employees jobless and without severance.
