Hearst Magazines is offering voluntary buyouts to all its sales and marketing staff, says the New York Post.
“While our goal is to solicit enough volunteers, it is possible that involuntary departures may occur later this spring,” Hearst Magazines president Debi Chirichella said in a memo to employees, according to the Post.
The voluntary offer is expected to go to some 600 of the 2,200 staff in the magazine division, the digital ad agency iCrossing and the branded content group called HearstMade, says the Post.
Town & Country UK magazine will cease publication as part of the cost-cutting moves, City A.M. reports.
Hearst publishes Cosmopolitan, Elle, Men's Health andCar and Driver, among other titles.It also hasownership in cable networks such as A&E, History, Lifetime and ESPN, 33 TV stations, newspapers including the Houston Chronicleand theSan Francisco Chronicle and other businesses.
• In other Hearst news, Fitch Group, a financial information services operation owned by Hearst, has bought CreditSights, a provider of independent credit research to the global financial community.
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