Time Inc to cut 300 positions, or 4 percent of workforce-memo

NEW YORK, June 13 (Reuters) - Time Inc said on Tuesday it is eliminating 300 positions, or 4 percent of its workforce, through layoffs and buyouts, according to an internal memo reviewed by Reuters.

The cuts were being made as the New York-based media company, which publishes Time, Sports Illustrated and Fortune magazines, is looking to cut costs and reinvest in growth areas, according to the memo from Time Inc Chief Executive Officer Rich Battista to employees. (Reporting by Jessica Toonkel; Editing by Jeffrey Benkoe)