Time Magazine Managing Editor Richard Stengel told his staff he needs to cut 20 jobs, asking for volunteers to raise their hands by Nov. 24 — two weeks from today — or he will resort to layoffs, according to a memo obtained by paidContent. Meanwhile, other Time Inc. managing editors did the same — all following last month’s news that the company planned to eliminate 600 jobs, or 6 percent of its workforce. The guild-covered categories Time magazine wants to shrink include edit traffic assistant, writer-editor, staff correspondent, writer-reporter, reporter-researcher, designer, research cataloger and research librarian.
Peter Kafka reports on MediaMemo that Sports Illustrated’s buyout target is 40. The categories within that title that will be downsized include copy editing and photography, as well as similar jobs listed in the Time magazine memo. Meanwhile, Gawker has People’s memo, which is seeking 18 editorial employees to step forward and accept buyouts. Sources have told me that the company is not targeting the digital side in this current buyout round.