Meredith Planning More Layoffs

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, according to Variety.

In addition, the media and publishing company confirmed that it will explore the sale of Time, Sports Illustrated, Fortune, and Money brands, which are outside the wheelhouse of Meredith’s female-skewing lifestyle titles. The layoffs are part of Meredith’s plan to save $400 million to $500 million in cost synergies from the Time Inc. acquisition.

In announcing the changes, Meredith president and CEO Tom Harty said the Time, SI, Fortune, and Money brands “are attractive properties with strong consumer reach. However, they have different target audiences and advertising bases, and we believe each brand is better suited for success with a new owner.”

Meredith won the bidding for Time Inc., which had been seeking a buyer, in a deal worth $1.85 billion (excluding debt). The acquisition, announced last fall, was financed in part by politically conservative brothers and multi-billionaires Charles and David Koch.

Also Wednesday, Meredith said it will reorganize its sales teams around its new portfolio of lifestyle brands. The company said it will detail the new structure and strategy during all-employee meetings beginning March 28.

Meredith’s publications include Better Homes & Gardens, Parents and Family Circle, and the company owns 17 TV stations across the U.S. The Time Inc. properties that Meredith will retain include People, Entertainment Weekly, Real Simple, InStyle, Shape and Travel + Leisure.