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Time Inc.'s new owner Meredith laying off more than 1200

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Just months after it announced the acquisition of Time Inc., Meredith Corporation, the Des Moines-based lifestyle magazine company, will lay off more than 1200 people, the company announced Wednesday.

Why it matters: With mergers of this size usually comes cost-cutting "synergies," which usually translate to layoffs. The company says positions are being eliminated in part to de-duplicate roles and to move more staff from Time Inc.'s former NYC headquarters to Meredith's Iowa headquarters, where operational costs are cheaper.