Summary:
Time Out is to cut about 40 staff at its UK and US operations as part of a strategic refocus of the listings magazine into a global multimedia business. “We continue to transform the Time Out Group from a traditional media company to a global multimedia business to take advantage of the new landscape,” said a spokeswoman for publisher. “As a result of this transformation and to reflect the new mix of skills required by the business, a number of jobs in our UK and US teams will be impacted, and some jobs will sadly be lost. The exact number of impacted roles and job losses are currently being finalised as we work through this news with our staff.”
Key data/statistical information:
- The group, which has expanded its brand into 107 cities across 38 countries, is thought to be cutting about 10% of its estimated 400 global workforce.
- A global reach of 95 million monthly users across print and digital platforms
- Time Out’s flagship London edition was relaunched as a free title in 2012.
What's my view?
I think that its good that the business its trying to globalise itself and join the globalisation movement. There are many advantages that comes with it which can be good for both the company and the audience. However, it is disappointing that some people had to loose their jobs during this process.
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