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After three consecutive reorganizations within five days that managed to keep job cuts to a minimum, Time Inc. has decided to wield the ax, as reported by the Post.

Over 110 jobs or nearly 1.5% of the workforce will be slashed, especially from the marketing and sales departments, as Joe Ripp, the organization’s Chief Executive struggles to overcome the fall in advert revenues and the growing number of people turning to digital formats.

These cuts come as the company prepares to reveal its second-quarter results Thursday.

Morale is going down with advert revenue with the second-half totals anticipated to be down by $100 million, a source said.

The company is confident that the job slashes will be just over a 100, although some insiders are not so optimistic about that.

Time Inc. said it was forced to initiate the downsize as a result of the changing business landscape.

The primary objective here is to be a better position to operate with better agility and optimize growth areas of our tasks, a spokesperson for the company said. This means there will be a few job eliminations which is always painful but is an unfortunate reality in the current business climate.

Among those cut lose are MaryAnn Bekkedahl, who was appointed in May as president of the fashion and luxury group from e-commerce start-up Keep Holdings, and executive vice president, Evelyn Webster who at a time had the largest magazine portfolio. Group publisher of Health, Cooking Light and My Recipes, Kevin White, resigned recently as did Greg McCastle, the managing director, of global head of agency growth.

Chris Schraft, the president of native advertising and branded content at The Foundry, will assume McCastle’s duties.

Time Inc. will use seven broad-based managers to tone advertisers (from drug companies to automakers) with the sole aim of placing adverts on a vast number magazines and Web sites.