Time Inc. managers ask for buyout volunteers

'Sports Illustrated' group to be hard hit; Tribune Co. and Sirius XM post heavy Q3 losses; MSNBC extends Olbermann contract

Editors at Time Inc. publications asked employees to take voluntary buyouts this week, following last month's announcement that the publisher plans to trim about 600 jobs. More than 90 of the cuts will come from the company's consumer marketing division, while the group including Sports Illustrated will also be hard hit by reductions, reports The New York Times. The European editions of Time, People, and Fortune could also be greatly affected, says Gawker. All Things Digital has a roundup of staff memos here.

 

In other depressing media financial news, Tribune Co. reported a loss of $121.6 million for the third quarter, while Sirius XM Radio disclosed a $4.9 billion Q3 loss, stemming from a large post-merger impairment charge. Also, The New York Times Co. increased its value declines for its New England newspapers, including The Boston Globe, due to a drop in advertising revenue.

 

Also in the media glare:

 

MSNBC extends Countdown host Keith Olbermann's contract through 2012.

 

The Atlantic hires Wired's Bob Cohn as its new editorial director.

 

Slate's Jack Shafer argues for the relevance of Matt Drudge.

 

Morning Joe is placed on a delay after host Joe Scarborough mistakenly curses on air.

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