Time Inc CEO Moore: "October Looking Like 1931"

Why is Time Inc. firing 600 people and reorganising its magazine business? Because revenue has hit a wall. 

Time Inc CEO Moore at the ABC Circulation conference yesterday morning (from Folio):

“By this October it was looking like 1931,” she said. “[Time Inc.] has never had so many advertising clients in trouble at the same time. The declines are stunning.”

Moore added that she didn’t care if it technically isn’t a recession. “It is one for us.”

And who here’s hoping that November will be better?  December?  Why, exactly? 

And don’t forget that October, November, and December spending was committed months ago (these are just emergency cancellations we’re talking about).  So we shudder to think about what is going to happen in Q1.

See Also: Let’s Be Serious: Online Ads Will Fall Sharply In 2009

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