Sports Illustrated First Victim of Time Inc. Cuts

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The media bloodletting continues at American media iconoclasts. If you know someone at SI, it would be a good time to give them a ring. Especially if you’re hiring.

Layoffs have begun at Time Inc. Approximately 15 to 20 sales and marketing employees were dismissed from Time Inc.’s news group tonight, largely from Sports Illustrated, according to a Time Inc. executive who asked not to be named as the company had not given authorization to discuss the matter.

Deeper layoffs are expected to be announced tomorrow, when Time Inc. is expected to confirm the elimination of $100 million in costs, mostly from staff cuts.

The executive estimated the total number of layoffs as being between 400 and 500 people. The largest percentage of layoffs are expected to come from the news division, which includes Time, Fortune and Sports Illustrated, this executive said.

via Time Inc. Layoffs Begin at Sports Illustrated – Media Decoder Blog – NYTimes.com.

This doesn’t detail any other cost-cutting measures, but I seriously doubt that writers will be immune. We’ll see if they’ll be raided by Yahoo!, ESPN, FoxSports, or FanHouse or any other sports media powerhouse looking to bolster their lineup.

Here’s some free financial advice, Time Inc. Whatever you’re paying Peter King, it’s too much. If cut his salary in half you could probably afford to hire at Sports Illustrated.