Time CEO Jessica Sibley stated, "Like our peers, we continue to face significant challenges - from heightened competition for decreased advertising budgets to drastic shifts in consumer behavior, changes to search and social algorithms, and overall economic uncertainty." This underlines the media industry's struggle in adapting to market pressures.
In response to the ongoing business challenges, Sibley remarked, "We are making changes now across our business to protect against this period of transformation and unpredictability in the media industry," emphasizing the importance of strategic adjustments.
The decision to eliminate roles was conveyed as, "This decision was not made lightly, but it is necessary to build a sustainable company in order to further TIME's mission," highlighting a commitment to future stability despite current hardships.
Dave O’Connor mentioned, "He had reorganized the division into one team amid a tough market for scripted and unscripted content," reflecting a strategic shift within the company to adapt to market demands.
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