Layoffs are sweeping across the media landscape. Time Inc., the largest magazine company in the world, said Tuesday that it is cutting 600 jobs, or 6% of its workforce, in a major reorganization. Time Inc.’s 24 magazines in the U.S. and their Web sites include Fortune, People, Sports Illustrated and Time. Ann S. Moore, Time Inc. chairman-CEO, was planning an overhaul of the Time Warner unit because of the upheaval in print media, but the financial crisis apparently forced her hand. Meanwhile, Gannett said it would be laying off 3,000 employees, or 10% of its workforce, due to the financial crisis (not including USA Today). (Gannett’s profits plunged 32% in the third quarter.) McGraw-Hill Cos., which publishes BusinessWeek, said it cut 270 jobs during the third quarter, including 140 in its information and media division. Through the third week of October, ad pages at BusinessWeek were down 17.5% compared with the same period in 2007, according to Media Industry Newsletter (MIN).
