IPC, the UK's largest consumer publisher, has refused to rule out more magazine closures. Last month, it closed Woman's Journal; Marie Claire Health & Beauty; Your Garden; Homes & Ideas; Your Life and the Complete Guide to Pregnancy, as well as its events and exhibitions division, resulting in the loss of 115 jobs.
In a memo to staff, chief executive Sly Bailey said that, as part of an ongoing "portfolio review", the company expects there to be "further redundancies affecting around 118 staff".
IPC was taken over by AOL Time Warner division Time Inc last August. AOL Time Warner is currently planning swingeing job cuts aimed at meeting self-imposed targets it set when the two companies merged.
So far, around 330 jobs have been eliminated from AOL, Warner Music Group, Time, IPC and iPublish.com since early November. The company is expected to make around 1,500 staff redundant. It recently closed three magazines, including Asiaweek, with the loss of 80 jobs.
In a regulatory filing with the US Securities and Exchange Commission on November 14, AOL Time Warner said that "the restructuring plans are expected to be refined in the fourth quarter as management continues to evaluate the integration of the combined companies and completes its purchase price allocation".
The company also announced at the beginning of this week that it had cut jobs from Maverick Music and Atlantic Records, and further job cuts are expected to come from Elektra Records, London-Sire Records and Warner Bros.
Reports also suggest that further cuts could be made from news service CNN and Time Warner Cable in the coming months.
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