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Time Inc., a major subsidiary of the media conglomerate Time Warner, facing a sharp drop in advertising income, has unveiled a major restructuring that will involve cuts of 300 to 700 jobs from the US magazine publisher.
Time CEO Ann Moore announced the reorganization of the business units at the largest US magazine group in a memo sent to employees.
Moore did not mention any job cuts, but The New York Times reports that Time, which has more than 10,000 employees, would cut six percent of its workforce -- more than 600 positions.
Advertising Age, citing company executives, said some 300 to 700 jobs would be eliminated.
The job reductions will be the latest in a week which has already seen Gannett, the largest US newspaper chain, slash 10 percent of its workforce, and the Los Angeles Times cut 75 editorial jobs.
Print advertising revenue has been declining at newspapers and magazines across the country as circulation drops and more readers go online for their news.
Many advertisers have been shifting their dollars to the Internet but gains in online advertising revenue have failed to keep pace with losses on the print side.
