New York - Time Inc. has announced plans to lay off almost 300 staffers at its roster of magazines and refocus investments in its Web properties, The New York Times reported on Friday.

A company spokeswoman told The Times that 172 layoffs will come on the editorial side -- representing 5% of the company's total editorial staff -- while another 117 employees on the business side (2.6% of total staff) will lose their jobs.

Among closings announced were Time magazine's bureaus in Los Angeles, Chicago and Atlanta; and People magazine's bureaus in Washington, Miami, Chicago and Austin.

Time Inc. CEO Ann S. Moore said in a statement that the company needs "to continue to evolve to meet the cost pressures and challenges presented by our rapidly shifting industry," while Time editor-in-chief John Huey said in a memo that the restructuring will enable the company to "move quickly into a future of flexible, multiplatform content."

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http://www.nytimes.com/2007/01/19/business/media/19time.html
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