Time Inc cuts staff by 500 - source

Jan 30 (Reuters) - Time Inc on Wednesday began the process of cutting about 500 jobs, about 6 percent of its total staff, according to a source familiar with the company, as the largest U.S. magazine publisher grapples with challenges beleaguering the print industry.

The layoffs mark the first major move made by Time Inc CEO Laura Lang, who joined the company in January 2012.

A spokeswoman for Time Inc could not be immediately reached for a comment.

Time Inc is the publisher of its namesake newsweekly, Sports Illustrated and People, among others. Parent company Time Warner Inc reported that revenue at Time Inc fell 6 percent to $838 million in the third quarter because of declines in subscription and advertising revenue.

All Thing D first reported the news of the layoffs.