Amid layoffs and cost cutting, Time CEO Jessica Sibley is expecting a ‘very strong second half’

Even billionaire-backed media companies are not immune to the challenges facing the media and digital advertising industries. 

Last week, 22 staffers were laid off from Time — which is owned by Salesforce founder and CEO Marc Benioff and his wife and philanthropist Lynne Benioff — as part of a larger reduction of operational costs amid ad revenue declines. Cuts were made to the editorial, sales, marketing, technology and TIME Studios teams, according to a memo from CEO Jessica Sibley sent to Time staffers last week that was shared with Digiday. And more cost cutting measures are coming down the pike, including limiting contractors and downsizing its New York headquarters. 

At the center of these changes is focusing the company’s editorial and business strategy on its “most commercially successful work” and the “biggest opportunities for growth” at Time, which is its coverage of leadership – particularly in the categories of AI, climate and health — Sibley wrote. That, in part, has played a big role in the transition to the sales team’s B2B revenue strategy. 

Continue reading this article on digiday.com. Sign up for Digiday newsletters to get the latest on media, marketing and the future of TV.