Laura Lang, chief executive of the Time Warner corporate unit, admitted that the publisher is entering the stage of painful having to remove the 6% of the total employees in the world, amounting to 8,000 people.
"The media industry has changed significantly. We must be transformed to be leaner, more agile and follow the multiform," he explained in a memo to the staff Time.
"To make this change, we need to operate more intelligently and efficiently as possible to create room for investments and new initiatives. Reduction is one of the most important transformations," he continued.
Reuters even report, Time as the media giant is also considering to sell its headquarters in New York. Time also has asked the real estate broker to evaluate the value of the building.
Which include selling and renting a Manhattan building office in New York.
"They are also considering selling the building and moving to a new whole," said the source told Reuters.
Time Warner owns or occupies space in 15 buildings in the New York metropolitan area, and 10 buildings in Manhattan. The company has evaluated the need for work and hope to finish it by the end of 2013.
Keep in mind, the building is part of the Time office construction project Apollo Real Estate Advisor, which is now called AREA Property Partners.
Originally, the project was originally called AOL Time Warner Center, but changed its name to Time Warner Center after the media company that changed its name in order to distance themselves from the disastrous merger with America Online.
Time Warner Center is also closely related to condominium towers that include housing, Mandarin Oriental Hotels and shopping centers.
Owned media giant Warner Brothers is asset of U.S. $ 47 billion. In it also includes cable TV channel CNN, premium service HBO, Turner Broadcasting and Time Inc..
The company has published 21 popular magazines in the U.S. include flagship magazine, Time, People, Fortune and Sports Illustrated.
Lang sure, layoffs came from all areas of the whole range of Time, both domestically and internationally.
Analysts expect revenue Time will touch the figure of U.S. $ 8.24 billion. Time shares went up 0.4% to U.S. $ 50.28. This effect has been increased by about 37% since January 2012 in trading yesterday (30/1)
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