Time Inc. could slash a huge swath of its workforce as early as Tuesday, The Wrap is reporting.
The publisher of magazine titles from People to Sports Illustrated aims to cut $100 million in costs amid ailing advertising revenues — and that includes laying off an estimated 540 employees.
According to The Wrap, Time Inc. will begin layoffs on Tuesday, a day before they issue a third-quarter earnings announcement from parent company Time Warner.
Last year at this time, they axed 600 employees — a whopping 6% of the workforce, which was then around 10,000 people.
Memo to Time Inc-ers: Let us know how you’re feeling.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.