Time Inc. expected to cut another 400 jobs in face of declining revenues

Last fall, Time Inc. cut 600 jobs to save $150 million. This week, probably Wednesday, according to a story in MediaDailyNews, it is expected to eliminate up to 400 more jobs as the company plans to cut another $100 million in costs in the face of continuing decline in advertising and circulation revenue -- ad revenues down 26%, circ revenues 22.2% in the 2nd quarter of the year.

Another large publisher, Meredith Corporation, is expected to announce more revenue declines in its 3rd quarter, with total revenues down 9% and the national media group (including magazines) down 7.5%. Meredith has been saying the relatively small declines are good news, particularly the company's share of overall industry ad revenues, though this is apparent share increase is of a significantly diminished pie.