Execs Jam While Time Inc. Burns
Media companies are all facing a fundamental quandary: They have to throw lavish, expensive events to impress advertisers, even as they slash editorial budgets in ways that upset longtime employees. Well, it's only a problem if the corporate suits are worried about perception issues, which they may not be. But you have to admit that it does look bad when People editor Peter Castro (pictured, at left) and other execs are partying it up in the Bahamas "getting a massage, being given a wii fit, jamming with some old dudes, being on vacation" at a fancy sales meeting while the company faces a hiring freeze. Hey, that's capitalism! Angry email from an insider, after the jump.
There were many annoyed Time Incers today after learning that People Magazine sent over 300 people to the Bahamas for 3 days while lay offs continue, economy is shaky and Time Inc has a hiring freeze. Many would have preferred they spend the money for a company vacation, on the employees working double since Time Inc wont spend money on needed back up. Instead hiring freelancers, consultants and temps who dont need health care etc. Dancing with the Stars were flown out, Roger Daltry played (for those who dont know who he is, you are not alone) , a youtube singer bored them, they had massages, went to clubs, played golf and ate well. Nice message to Wall Street not to mention the other titles denied sales meetings.