Meredith Corp set to announce up to 300 layoffs after Time Inc. purchase: report

Meredith Corp set to announce up to 300 layoffs after Time Inc. purchase: report
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Magazine publisher Meredith Corp. is set to lay off between 200 and 300 employees following its merger with Time Inc., according to The Wall Street Journal.

The layoffs are thought to be a result of the elimination of duplicative corporate staffing and are expected to impact Time Inc. employees, according to the report. 

Meredith Corp. is also in the process of cutting costs up to $500 million in the next two years. 

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The publisher announced last year it would be acquiring Time Inc. for $1.8 billion. 

“We are adding the rich content-creation capabilities of some of the media industry’s strongest national brands to a powerful local television business that is generating record earnings, offering advertisers and marketers unparalleled reach to American adults,” Meredith CEO Stephen Lacy said in a statement after the merger. 

Meredith Corp. will reportedly unveil a new sales structure and will pitch to advertisers with larger print and digital offerings, according to the Journal. 

Meredith Corp. is backed by conservative mega-donors Charles and David Koch and is known for magazines such as Family Circle, Martha Stewart Living and Better Homes and Gardens. It is the largest magazine publisher in the U.S. 

Time Inc. also publishes magazines such as Time, Sports Illustrated and People.