Time Warner Inc’s popular business magazine Fortune is planning to publish fewer issues annually and make other changes that could result in job cuts, says a media report.
“Fortune is planning to publish about one-quarter fewer issues annually and make other changes, joining the ranks of publications scrambling to reinvent themselves in the advertising downturn,” The Wall Street Journal said.
According to the publication, Fortune’s new publishing schedule is part of a remodelling at the magazine that is expected to result in staff cuts and a sharper focus on the long stories that have been its trademark.
However, it is not clear yet how many people might lose their jobs. Fortune would publish 18 times next year, down from 25 times this year, with two issues in some months and just one in others.
Besides, it would focus more deeply on fewer topics and add new columns to help business professionals do their jobs more effectively. In addition, it would have a cleaner, less cluttered look and an upgraded website.
The revamp is a prelude to broader staff cuts at Time Inc, the Time Warner Inc magazine unit that includes Fortune, the report said citing people familiar with the matter.
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However, plans haven’t been finalised, but it’s expected that there would be fewer job losses than during the restructuring earlier this year.
That restructuring pared more than six per cent of Time Inc’s work force, or more than 600 positions.
The daily said that fresh job cuts are slated to be unveiled in the coming weeks.
Attributing to Fortune’s executives the report said magazine needs to concentrate on what it does best, and cut costs amid the downturn in print media.
“We are not blind to the realities of the business. This is the best model for this magazine in terms of profitability and editorial product,” Fortune Managing Editor Andy Serwer said.
Fortune’s restructuring comes amid turmoil in the business of business magazines.