Sad days in the media business. Time Inc. will be eliminating about 500 jobs—or 6 percent of its workforce—from all divisions of its company, sources said Wednesday. Time Inc. CEO Laura Lang is attempting to merge the print and Web advertising divisions in an attempt to breathe new life into the company’s worst-performing divisions. Time Inc. is currently the largest magazine publisher in the U.S., although it still has felt the pain of recent years—readers aren’t buying as many magazines on the newsstands, with even People’s sales falling 19 percent in the first half of 2012 compared with the same period the year before.
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