Jessica Sibley stated that it is "incredibly hard to say goodbye to our talented colleagues" as Time is slashing 22 jobs across several departments to build a sustainable future amidst economic uncertainty.
Sibley emphasized "significant challenges" facing the media industry, like "heightened competition for decreased advertising budgets" and drastic changes to consumer behavior, which require immediate changes at Time.
In an effort to navigate the unpredictable media landscape, Sibley highlighted that Time will concentrate on leadership and journalism in key areas, including climate, artificial intelligence, and health.
The strategy to counter industry headwinds includes growing direct-sold advertising, enhancing branded content offerings, and pursuing strategic partnerships to drive revenue growth.
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