Time's mag hive-off makes staff nervous
Only days ago, Time Warner announced that it was spinning off its struggling magazine division, after failing to reach a deal to sell many of Time Inc's magazines to the Meredith Corporation.business Updated: Mar 14, 2013 21:49 IST
Only days ago, Time Warner announced that it was spinning off its struggling magazine division, after failing to reach a deal to sell many of Time Inc's magazines to the Meredith Corporation.
The new magazine company is expected to start with $500 million to $1 billion in debt, in contrast to the publishing company that the News Corporation will spin off this summer, which will have no debt.
The announcement of the spinoff last week at least provided some clarity to nervous Time Inc employees who were worried about having to relocate to Meredith's Iowa headquarters.
Several current and former Time Inc employees spoke about the unease at the magazines, requesting anonymity so they could publicly discuss private conversations.
"The layoffs were really hard. The uncertainty on the heels of the layoffs made it particularly painful. Some people were really nervous about this Meredith idea," said a current Time Inc executive.
Now, even as their future has become clearer, Time employees remain wary about what is to come.