Time to Cut 500 Jobs Ahead of Spinoff

Time -- the magazine giant with brands including People, Sports Illustrated and Fortune -- began a new round of layoffs as part of a companywide restructuring that will result in the loss of about 500 jobs, according to a person briefed on the matter. Joseph Ripp, Time's chief executive, unveiled plans for the job cuts, but not the number of layoffs, in a letter to employees. The cuts were announced as Time prepared to be spun off from its parent, Time Warner. “When we enter the public markets in a few short months, our success will depend on how investors view the momentum we are generating at the new Time Inc.,” Ripp wrote. Ripp called the layoffs “painful” and said they were a necessary response to new financial realities. Five hundred jobs represent about 6 percent of Time’s 7,800 workers worldwide.