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NEW YORK - Time Inc., a major magazine company that publishes People, Sports Illustrated and Real Simple, will cut jobs as part of a restructuring to reduce costs and centralize the company's business units.
Ann Moore, the company's chief executive, told employees in a memo late Tuesday that the company would organize itself into three business units effective Wednesday as it faces sharp drops in advertising spending, which are expected to last through most of next year.
The memo did not say that any of the company's magazines would close and it did not mention layoffs specifically, but Time Inc. spokeswoman Dawn Bridges said there would be job cuts as part of the restructuring.
Bridges said it was not yet clear how many job cuts would occur, and the exact size and structure of the three new units would be announced in the coming weeks. The New York Times, which reported the restructuring earlier Tuesday, said the company would cut 6 percent of its work force, or more than 600 positions.
Time Inc.'s 24 U.S magazines will be separated into three units: a News unit with Time, Sports Illustrated, Fortune and Money; Style and Entertainment with titles including Entertainment Weekly and Essence; and Lifestyle, with Cooking Light, Real Simple, Health and Coastal Living.
Ad revenues have been slipping for the publishing company, like they have for other magazines and newspapers, as advertising shifts online.
Time Inc. is a unit of the media conglomerate Time Warner Inc., which also owns Warner Bros., AOL, and a group of cable networks including HBO, CNN and TCM.
Time Warner reported that ad revenues fell 10 percent in its publishing unit in the second quarter, mostly at magazines such as Time and Sports Illustrated. The unit's Internet properties reported revenue growth, but online ads do not generally command the same prices that print ads do.
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