Meredith Plans 1,200 Layoffs, Will Sell Time, Sports Illustrated, Fortune And Money

Meredith Corp., which bought Time Inc. last year for $1.85 billion, has confirmed plans to lay off 1,200 workers by year-end and explore the sale of four key brands as the integration of the two companies continues.
“We have made significant progress executing on these initiatives since we closed on the acquisition just six weeks ago,” said Meredith President and CEO Tom Harty.
Time, Sports Illustrated, Fortune and Money are all going on the block, as had been rumored, a…

Meredith Corp., which bought Time Inc. last year for $1.85 billion, has confirmed plans to lay off 1,200 workers by year-end and explore the sale of four key brands as the integration of the two companies continues. “We have made significant progress executing on these initiatives since we closed on the acquisition just six weeks ago,” said Meredith President and CEO Tom Harty. Time, Sports Illustrated, Fortune and Money are all going on the block, as had been rumored, a…

Meredith Laying Off 1,200, Will Explore Sale of Time, SI, Fortune and Money Brands

Six weeks after closing its deal for Time Inc., Meredith announced the layoffs of 200 employees — and said it plans to eliminate another 1,000 positions in the next 10 months. In addition, the media and publishing company confirmed that it will explore the sale of Time, Sports Illustrated, Fortune, and Money brands, which are […]

Six weeks after closing its deal for Time Inc., Meredith announced the layoffs of 200 employees — and said it plans to eliminate another 1,000 positions in the next 10 months. In addition, the media and publishing company confirmed that it will explore the sale of Time, Sports Illustrated, Fortune, and Money brands, which are […]

Meredith Plans Up to 300 Layoffs, Mostly at Time Inc

The Meredith Corporation is planning a corporate bloodbath later this week, with plans to slice between 200 and 300 jobs, the Wall Street Journal reported Sunday.

Most of the cuts are expected to hit Time Inc. management, which Meredith acquired in January. Editorial, which usually bears the brunt of these types of cuts, will apparently escape mostly unscathed  — for now.

A spokesperson for Meredith declined to comment on the story.

Also Read: Meredith Buys Time Inc. in $2.8 Billion ‘All-Cash’ Deal

According to the Journal’s Jeffrey Trachtenberg, the layoffs are designed to reduce corporate redundancies between Meredith and its new holdings and trimming Time’s overhead is part of what made the company financially attractive in the first place.

The report also says Meredith is trying to unload other recently acquired properties including Fortune, Time, Sports Illustrated and Money and is not planning any major surgery there for now.

Meredith, a veteran media company, with a stable of magazine and television properties, purchased Time Inc. and its slew of name brand magazines for $2.8 billion. The deal was a major coup for Meredith which had tried and failed twice before to purchase the company.

Also Read: Vice Media Union Calls Company’s Response to Misconduct Claims ‘Deeply Flawed’

Meredith’s successful bid was only facilitated by an infusion of $650 million from Charles and David Koch, two of the world’s richest men and generous GOP fundraisers. It remains unclear what the Kochs’ ultimate intentions are in brokering the purchase.

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Patton Oswalt Shares Meredith Salenger Wedding Video, Reflects on This Year’s ‘Great Twist’

Watch Meredith Vieira Call Out Matt Lauer Over a ‘Huge Bag of Sex Toys’ in His Office (Video)

Will Koch Brothers Really Stay on Sidelines After Meredith Acquires Time Inc?

Time Inc, Meredith Shares Up 10 Percent on News of $2.8 Billion Merger

The Meredith Corporation is planning a corporate bloodbath later this week, with plans to slice between 200 and 300 jobs, the Wall Street Journal reported Sunday.

Most of the cuts are expected to hit Time Inc. management, which Meredith acquired in January. Editorial, which usually bears the brunt of these types of cuts, will apparently escape mostly unscathed  — for now.

A spokesperson for Meredith declined to comment on the story.

According to the Journal’s Jeffrey Trachtenberg, the layoffs are designed to reduce corporate redundancies between Meredith and its new holdings and trimming Time’s overhead is part of what made the company financially attractive in the first place.

The report also says Meredith is trying to unload other recently acquired properties including Fortune, Time, Sports Illustrated and Money and is not planning any major surgery there for now.

Meredith, a veteran media company, with a stable of magazine and television properties, purchased Time Inc. and its slew of name brand magazines for $2.8 billion. The deal was a major coup for Meredith which had tried and failed twice before to purchase the company.

Meredith’s successful bid was only facilitated by an infusion of $650 million from Charles and David Koch, two of the world’s richest men and generous GOP fundraisers. It remains unclear what the Kochs’ ultimate intentions are in brokering the purchase.

Related stories from TheWrap:

Patton Oswalt Shares Meredith Salenger Wedding Video, Reflects on This Year's 'Great Twist'

Watch Meredith Vieira Call Out Matt Lauer Over a 'Huge Bag of Sex Toys' in His Office (Video)

Will Koch Brothers Really Stay on Sidelines After Meredith Acquires Time Inc?

Time Inc, Meredith Shares Up 10 Percent on News of $2.8 Billion Merger

Josh Oshinsky Elevated to EP, Time Inc. Sports Video and VP Programming, Sports Illustrated TV

Josh Oshinsky has been elevated to Executive Producer, Time Inc. Sports Video and VP of Programming for Sports Illustrated TV, TheWrap has learned.

In his new role, the Emmy award-winning producer will oversee original and acquired video content for Sports Illustrated TV (SI TV), the brand’s new streaming video network. He will continue to report to Ian Orefice, Head of Programming, Time Inc., and Chris Stone, Editor-in-Chief, Sports Illustrated Group.

Oshinsky was most recently Supervising Producer for the Sports Illustrated Group at Time Inc.

Also Read: 2018 NHL Winter Classic: 14 Things You Didn’t See on TV

“Josh is a leader who brings a unique eye and storytelling ability specific to sports video, and he has taken the incredible Sports Illustrated brand and made it come to life on all platforms and in all formats in a way that provides an unparalleled holistic consumer experience,” Orefice said in a statement Thursday. “Judging by the increase in video views and engagement that Time Inc. Sports Group has achieved, it is clear that Josh’s creative output resonates with audiences and will continue to do so with the Sports Illustrated TV platform.”

Since joining Time Inc. in 2016, Oshinsky has helped SI expand sports video offerings to include more platform-specific videos, new short-form franchises such as “24 Hours With” from The MMQB, long-form documentaries and live productions around key events like the NFL and NBA drafts, as well as tent-pole franchises from SI such as SI Swimsuit and Sportsperson of the Year.

Also Read: ESPN’s Suzy Kolber on Why ‘Monday Night Football’ Is ‘More Than a Game’

Oshinsky was instrumental in the groundbreaking VR series “Capturing Everest” and has helped increase viewership for existing programs such as SI’s daily news show, “SI Now.” He directed the new feature-length documentary, “89 Blocks,” which is executive produced with LeBron James’ and Maverick Carter’s Uninterrupted, and he played a key role in reaching a deal with FOX Sports, which acquired the film. Oshinsky also served as Executive Producer on the first nationally televised production of the SI Sportsperson of the Year Awards Show, which recently aired on NBCSN and Univision Deportes Network.

He will play an essential creative role in the Time Inc. Productions/SI collaboration with Jerry Bruckheimer Television, “Sports Illustrated: True Crime,” and will continue to guide video conception, production and acquisition for SI TV.

Also Read: Russell Westbrook, Kyrie Irving Step Up Their Style Game at SI Fashionable 50 (Photos)

Prior to joining Time Inc. in 2016, Oshinsky spent 16 years producing a wide array of sports TV shows and films, including as producer/editor of ESPN’s “30 for 30” documentary, “Four Days in October,” which won a Peabody Award for Distinguished Continuing Series in 2010.

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Josh Oshinsky has been elevated to Executive Producer, Time Inc. Sports Video and VP of Programming for Sports Illustrated TV, TheWrap has learned.

In his new role, the Emmy award-winning producer will oversee original and acquired video content for Sports Illustrated TV (SI TV), the brand’s new streaming video network. He will continue to report to Ian Orefice, Head of Programming, Time Inc., and Chris Stone, Editor-in-Chief, Sports Illustrated Group.

Oshinsky was most recently Supervising Producer for the Sports Illustrated Group at Time Inc.

“Josh is a leader who brings a unique eye and storytelling ability specific to sports video, and he has taken the incredible Sports Illustrated brand and made it come to life on all platforms and in all formats in a way that provides an unparalleled holistic consumer experience,” Orefice said in a statement Thursday. “Judging by the increase in video views and engagement that Time Inc. Sports Group has achieved, it is clear that Josh’s creative output resonates with audiences and will continue to do so with the Sports Illustrated TV platform.”

Since joining Time Inc. in 2016, Oshinsky has helped SI expand sports video offerings to include more platform-specific videos, new short-form franchises such as “24 Hours With” from The MMQB, long-form documentaries and live productions around key events like the NFL and NBA drafts, as well as tent-pole franchises from SI such as SI Swimsuit and Sportsperson of the Year.

Oshinsky was instrumental in the groundbreaking VR series “Capturing Everest” and has helped increase viewership for existing programs such as SI’s daily news show, “SI Now.” He directed the new feature-length documentary, “89 Blocks,” which is executive produced with LeBron James’ and Maverick Carter’s Uninterrupted, and he played a key role in reaching a deal with FOX Sports, which acquired the film. Oshinsky also served as Executive Producer on the first nationally televised production of the SI Sportsperson of the Year Awards Show, which recently aired on NBCSN and Univision Deportes Network.

He will play an essential creative role in the Time Inc. Productions/SI collaboration with Jerry Bruckheimer Television, “Sports Illustrated: True Crime,” and will continue to guide video conception, production and acquisition for SI TV.

Prior to joining Time Inc. in 2016, Oshinsky spent 16 years producing a wide array of sports TV shows and films, including as producer/editor of ESPN’s “30 for 30” documentary, “Four Days in October,” which won a Peabody Award for Distinguished Continuing Series in 2010.

Related stories from TheWrap:

Russell Westbrook Named Sports Illustrated's 2017 Fashion MVP

Sports Illustrated Trolls Trump Over Fake Time Magazine Cover

Christie Brinkley Wows Internet With Sports Illustrated Bikini Pose at 63: 'Is She Jesus?'

Time Inc. Sells Essence to Black-Owned Independent Venture

Time Inc. has sold Essence Communications — the 50-year-old media brand catering to female African-American audiences — ahead of the closing of its deal to be acquired itself by Meredith Corp. Essence Communications is being acquired by a privately held venture formed by Richelieu Dennis, the founder of hair- and skin-care products maker Sundial Brands. […]

Time Inc. has sold Essence Communications — the 50-year-old media brand catering to female African-American audiences — ahead of the closing of its deal to be acquired itself by Meredith Corp. Essence Communications is being acquired by a privately held venture formed by Richelieu Dennis, the founder of hair- and skin-care products maker Sundial Brands. […]

Will Koch Brothers Really Stay on Sidelines After Meredith Acquires Time Inc?

After two previous attempts fell through, Iowa-based Meredith Corporation on Sunday negotiated a $2.8 billion deal to purchase rival magazine publisher Time Inc. — thanks in part to an infusion of $650 million cash from Koch Equity Development, the private equity arm of conservative billionaires Charles and David Koch.

But industry insiders are questioning Meredith’s promise that the brothers, well-known for their conservative activism, would remain passive investors and stay out of the day-to-day editorial decisions of Meredith’s new holdings, which include storied brands such as Time, People, Fortune and Sports Illustrated.

“The Koch money is very troubling,” said Jeff Jarvis, a professor at City University of New York’s graduate school of journalism.

Jarvis, a long-time media watcher, is also a co-founder of Entertainment Weekly, one of the companies that will now be absorbed into the Meredith empire along with Time, People and Sports Illustrated.

Also Read: Time Inc, Meredith Shares Up 10 Percent on News of $2.8 Billion Merger

“Magazines are not good business,” said Jarvis who said Koch’s desire to drop nine figures on media suggested an ulterior motive despite Meredith’s public assurance that “KED will not have a seat on the Meredith Board and will have no influence on Meredith’s editorial or managerial operations.”

“They’re buying in to have a bully pulpit,” Jarvis said of the Kochs. And Jarvis worried that “self censorship” would seep into reporting even without direct meddling. “[Rupert] Murdoch insisted that he wouldn’t have a voice in the Wall Street Journal and it would be an independent group — and who’s policed that in the last decade?”

The Kochs are no novices to the media business either, funding an array of often highly political ventures including, the libertarian-leaning Reason Magazine.

“A lot of deals would yield higher returns and be safer than this one,” Gabriel Kahn, a professor at the USC’s Annenberg School of Communications and Journalism, told TheWrap. “It’s too much to ask that the Koch brothers put down more than half a billion on a media deal and don’t have some interest that related back to their industrial concern.”

“These things don’t happen at the stroke of midnight, they happen gradually over time. The alignment of the Wall Street Journal editorial page with Fox News is probably much closer than it has ever been before,” he added.

Indeed, when Murdoch and NewsCorp purchased the storied broadsheet in 2007, a nervous Bancroft family forced the Australian media titan to agree to the creation of an “Editorial Integrity Committee” to serve as a quasi-public editor to insure newsroom standards.

Also Read: Meredith Buys Time Inc. in $2.8 Billion ‘All-Cash’ Deal

“The five-person Special Committee is an independent body charged with monitoring the adherence of The Wall Street Journal and Dow Jones Newswires to the highest ethical and professional standards,” the company said in a press release last year.

That, however, has not happened, according to at least one person familiar with the matter.

“It’s window-dressing,” a former Wall Street Journal employee with knowledge of the committee told TheWrap. “It was a sop to the Bancroft’s and the public when the sale happened, but the practical consequence is negligible.”

The individual could not recall any instance where actual editorial coverage had been changed. A spokesperson for Dow Jones — a parent company of the Wall Street Journal — declined to provide an example and directed TheWrap to committee chairman Thomas Bray, who was not immediately available for comment.

Also Read: ‘Citizen Koch’ Review: Corporatocracy 101, With a Focus on Governor Scott Walker

In 2011, Christopher Bancroft said he regretted the sale of to Murdoch.

Still, the corporate outlook of the merger has been bullish. On Monday shared of both Time and Meredith jumped about 10 percent on the news.

“You’re going to wind up with a bigger better publisher, probably run more efficiently and a much larger digital operation that will have the advertising scale to at least compete with google and Facebook on a better footing,” an industry analyst who tracks both companies told TheWrap.

And many have speculated that Meredith might sell off key Time Inc. brands to focus on its core strengths of women’s magazines and monthlies.

“It’s logical to assume that Meredith will dump Time and Fortune, which they never wanted,” former Time Inc. editor in chief John Huey told The Daily Beast. “Perhaps the Kochs have already bought them, or arranged to sell them to suitable proprietors.”

Related stories from TheWrap:

Time Inc, Meredith Shares Up 10 Percent on News of $2.8 Billion Merger

Meredith Buys Time Inc. in $2.8 Billion ‘All-Cash’ Deal

Meredith Nears Deal to Buy Time Inc With Backing of Koch Brothers (Report)

Wall Street Journal Top Editor Trashes Staff Over Trump Coverage: ‘Commentary Dressed Up as News’

After two previous attempts fell through, Iowa-based Meredith Corporation on Sunday negotiated a $2.8 billion deal to purchase rival magazine publisher Time Inc. — thanks in part to an infusion of $650 million cash from Koch Equity Development, the private equity arm of conservative billionaires Charles and David Koch.

But industry insiders are questioning Meredith’s promise that the brothers, well-known for their conservative activism, would remain passive investors and stay out of the day-to-day editorial decisions of Meredith’s new holdings, which include storied brands such as Time, People, Fortune and Sports Illustrated.

“The Koch money is very troubling,” said Jeff Jarvis, a professor at City University of New York’s graduate school of journalism.

Jarvis, a long-time media watcher, is also a co-founder of Entertainment Weekly, one of the companies that will now be absorbed into the Meredith empire along with Time, People and Sports Illustrated.

“Magazines are not good business,” said Jarvis who said Koch’s desire to drop nine figures on media suggested an ulterior motive despite Meredith’s public assurance that “KED will not have a seat on the Meredith Board and will have no influence on Meredith’s editorial or managerial operations.”

“They’re buying in to have a bully pulpit,” Jarvis said of the Kochs. And Jarvis worried that “self censorship” would seep into reporting even without direct meddling. “[Rupert] Murdoch insisted that he wouldn’t have a voice in the Wall Street Journal and it would be an independent group — and who’s policed that in the last decade?”

The Kochs are no novices to the media business either, funding an array of often highly political ventures including, the libertarian-leaning Reason Magazine.

“A lot of deals would yield higher returns and be safer than this one,” Gabriel Kahn, a professor at the USC’s Annenberg School of Communications and Journalism, told TheWrap. “It’s too much to ask that the Koch brothers put down more than half a billion on a media deal and don’t have some interest that related back to their industrial concern.”

“These things don’t happen at the stroke of midnight, they happen gradually over time. The alignment of the Wall Street Journal editorial page with Fox News is probably much closer than it has ever been before,” he added.

Indeed, when Murdoch and NewsCorp purchased the storied broadsheet in 2007, a nervous Bancroft family forced the Australian media titan to agree to the creation of an “Editorial Integrity Committee” to serve as a quasi-public editor to insure newsroom standards.

“The five-person Special Committee is an independent body charged with monitoring the adherence of The Wall Street Journal and Dow Jones Newswires to the highest ethical and professional standards,” the company said in a press release last year.

That, however, has not happened, according to at least one person familiar with the matter.

“It’s window-dressing,” a former Wall Street Journal employee with knowledge of the committee told TheWrap. “It was a sop to the Bancroft’s and the public when the sale happened, but the practical consequence is negligible.”

The individual could not recall any instance where actual editorial coverage had been changed. A spokesperson for Dow Jones — a parent company of the Wall Street Journal — declined to provide an example and directed TheWrap to committee chairman Thomas Bray, who was not immediately available for comment.

In 2011, Christopher Bancroft said he regretted the sale of to Murdoch.

Still, the corporate outlook of the merger has been bullish. On Monday shared of both Time and Meredith jumped about 10 percent on the news.

“You’re going to wind up with a bigger better publisher, probably run more efficiently and a much larger digital operation that will have the advertising scale to at least compete with google and Facebook on a better footing,” an industry analyst who tracks both companies told TheWrap.

And many have speculated that Meredith might sell off key Time Inc. brands to focus on its core strengths of women’s magazines and monthlies.

“It’s logical to assume that Meredith will dump Time and Fortune, which they never wanted,” former Time Inc. editor in chief John Huey told The Daily Beast. “Perhaps the Kochs have already bought them, or arranged to sell them to suitable proprietors.”

Related stories from TheWrap:

Time Inc, Meredith Shares Up 10 Percent on News of $2.8 Billion Merger

Meredith Buys Time Inc. in $2.8 Billion 'All-Cash' Deal

Meredith Nears Deal to Buy Time Inc With Backing of Koch Brothers (Report)

Wall Street Journal Top Editor Trashes Staff Over Trump Coverage: 'Commentary Dressed Up as News'

U.K. Music Magazines NME and Uncut Sold as Part of Meredith-Time Inc. Deal

Among the titles absorbed by Meredith Corp., the publishing and broadcast company that is acquiring Time Inc. in a $2.8 billion deal, are popular U.K. magazines NME and Uncut. NME, a staple of the British music scene since its founding as New Musical Express in 1952 — and the first U.K. publication to feature a singles […]

Among the titles absorbed by Meredith Corp., the publishing and broadcast company that is acquiring Time Inc. in a $2.8 billion deal, are popular U.K. magazines NME and Uncut. NME, a staple of the British music scene since its founding as New Musical Express in 1952 — and the first U.K. publication to feature a singles […]