Time Inc to cut 300 positions through layoffs and buyouts

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A person walks past the logo of Time Inc. in the lobby of their headquarters in lower Manhattan in New York City.

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 dozens of magazines including 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.

Time Inc., like its peers in the publishing industry, has been struggling as print circulations shrink and advertisers shift to digital platforms.

Time Inc. replaced its chief executive officer and evaluated a sale earlier this year after activist hedge fund Jana Partners unveiled a stake in the company.

Meredith Corp made a preliminary offer to buy Time Inc. in April, but the bid fell short of price expectations and ultimately the deal failed.

In May, Jana disclosed it had sold its stake in Time Inc.