It begins: Time Inc., Newspaper Guild meet to talk layoffs

The guillotine has begun its descent at Time Inc. Sources at the publishing company (which is part of the same conglomerate as DailyFinance parent AOL) say executives have asked for an emergency meeting with representatives of the Newspaper Guild to discuss job eliminations. A Time Inc. spokeswoman declined to comment, but John Shostrom, chairman of the company's Guild unit, said the meeting will take place "soon." He said it was Time Inc. that called the meeting.

"They act, and we react," said Shostrom. "The Guild doesn't lay people off. We just fight back when they make proposals to lay people off."