Time cuts 22 jobs at magazine, cites ‘significant challenges’ across media industry

Time is cutting 22 jobs as the volatile media environment continues to squeeze the iconic magazine.

Time Chief Executive Officer Jessica Sibley said Tuesday that the company is cutting roles in several departments, including editorial, technology, sales and marketing and Time Studios.

In a memo obtained by The Post, Sibley told staff, “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 period.”

The CEO said the decision was made so the company could build a “sustainable” future due to headwinds facing the industry and economic uncertainty.

She cited “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 reduced web traffic to news sites.

A Time representative declined to comment on the company’s headcount.

Time magazine was criticized earlier this month for its lackluster cover story featuring Vice President Kamala Harris, despite her declining an interview with the publication. Conservatives ripped the article for Harris’ lack of voice and the vice president’s dark political agenda.

In her memo Tuesday, 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. the team.

As part of this push, 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 with direct-sold advertising sponsorships and strategic partnerships. The executive also said it would increase its branded content offerings and pursue ways to expand advertising on social media, among other things.

The executive also touted strategic partnerships with Taboola, Statista and recent deals with AI companies, which she said will “further protect” Time and its “journalism” without elaborating on how.

The company will also continue to reduce costs and discretionary spending across its businesses, including exploring options for a smaller headquarters in New York.

The move comes after Time cut 30 employees in its editorial, technology sales and studios department in January. The section that took the biggest hit then was Time Kids, a news publication for school-aged children.

The cuts come at a particularly volatile time for media companies, which are being squeezed by shrinking advertising and a slowdown in Internet traffic due to changes to Facebook and Google’s search algorithm.

Earlier this month, Axios cut 50 jobs, citing an unstable media environment. The news-focused site followed a flurry of cuts from digital media firms such as Business Insider, which cut 8% of its staff in January. Messenger, a news startup, shut down entirely in late January after less than a year in operation, leaving 300 employees out of a job and no layoffs.