There's Time Warner, the multi-billion dollar multi-national; and then there's its subsidiary, Time Inc., the publishing arm responsible for somewhere around 130 magazines, including Time, Sports Illustrated, Fortune, and People.
Time Inc. has been downsizing for years now, including another 500 layoffs this year. According to records released by Time Warner, since 2011, restructuring/layoff costs alone have cost the company almost $100 million. Add that to a 7% revenue drop and a 4% ad revenue drop the publishing giant faced during the last quarter of last year, and the Internet and the Obama economy are looking like giant killers.
What a shame.
Follow John Nolte on Twitter @NolteNC