Time is the United States’ oldest and largest newsmagazine. It is owned by the media conglomerate Time Warner.
Time was founded in 1923 by Henry Luce and Briton Hadden. It is the flagship publication of Time Inc., the magazine unit of Time Warner and the world’s largest magazine publisher with 95 brands. Time brings in only a small portion of Time Inc.’s profit, much of which comes from the celebrity magazine People. Time Inc. earned $337 million in profit in 2013, its last year as part of Time Warner.
In June 2014, Time Warner spun off Time Inc. into its own publicly traded company. The new corporation began with $1.3 billion in debt and revenue that had declined in 22 of the previous 24 quarters. It also would reportedly abolish the organization’s long-standing division between the news and business sides, with journalists reporting to business executives, and attempt to cut 25% of its editorial costs within its first several months as a standalone company. In 2014, an internal document showed Time Inc. was evaluating writers on its SI.com property for their production of content benefiting advertiser relationships. Time Inc. reported $32 million in losses in its first quarter after being spun off.
Time has had a reputation for decades as the United States’ leading weekly newsmagazine, leading some to say it is an icon of middlebrow culture. In recent years, Time has attempted to fashion itself after the British foreign-issues magazine The Economist, a higher-brow publication that specializes in news analysis.
Faced with decreasing sales and flat ad revenue, Time undertook a number of cost-cutting measures in 2007 to stay profitable, shrinking its circulation from 4 million to 3.25 million and laying off about 50 staff members. (Time Inc. also made larger job cuts in 2008, 2013, and 2014.) By early 2010, those cuts had resulted in a return to profitability.
The San Diego News Network was an online local news organization in Southern California. The network was founded in March 2009 by local tech entrepreneur Neil Senturia with a $1 million budget and 16 full-time employees, along with freelancers and bloggers. In May 2010, it laid off employees at each of its sites, ended its…
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