Time is cutting 22 jobs as the volatile media environment continues to take its toll on the cult magazine.
Time CEO Jessica Sibley said Tuesday that the company is cutting jobs in several departments, including editorial, technology, sales and marketing, and Time Studios.
In a memo obtained by The Post, Sibley told employees: “It is incredibly difficult to say goodbye to our talented colleagues. We are deeply grateful for their contributions to Time’s culture, mission and legacy and will support them closely during this transition.”
The CEO said the decision was made to enable the company to build a “sustainable” future in the face of headwinds facing the industry and economic uncertainty.
She pointed to “significant challenges” such as “increased competition for reduced advertising budgets” as well as “drastic” changes in consumer behavior and changes in search and social algorithms that have led to a decline in web traffic to news sites.
A Time spokesman declined to comment on the company’s employee count.
Time magazine came under fire earlier this month for its subservient cover story on Vice President Kamala Harris, even though she declined an interview with the magazine. Conservatives criticized the article because of Harris’ absence and the vice president’s opaque political agenda.
In her memo Tuesday, Sibley said Time is “currently making changes across the company to prepare for this period of change and unpredictability in the media industry,” adding that the company will continue to make leadership the “North Star” of its editorial team.
Through this initiative, Time will focus on leadership and journalism in areas such as climate, artificial intelligence and health.
On the business side, the company hopes to drive revenue growth through directly sold advertising sponsorships and strategic partnerships. The executive also said he will expand his branded content offerings and look for opportunities to expand social media advertising, among other things.
The executive also touted strategic partnerships with Taboola and Statista, as well as recent deals with AI companies that she said would “further protect Time and its journalism,” without providing details.
The company will also continue to cut costs and reduce other spending across all business segments, including evaluating options for a smaller New York headquarters.
The move comes after Time laid off 30 employees in its editorial, technology sales and studios in January. The division hardest hit at the time was Time Kids, a news publication for school-age children.
The cuts come at a particularly sensitive time for media companies, who are under pressure because they are advertising less and internet traffic is declining due to changes in Facebook and Google’s search algorithms.
Earlier this month, Axios cut 50 jobs, citing the unstable media environment. The news-focused website followed a series of layoffs at digital media companies such as Business Insider, which laid off 8% of its staff in January. The Messenger, a news startup, shut down entirely in late January after less than a year of operation, leaving 300 employees jobless and without severance pay.
