Time Inc., the world's largest magazine company, is set to announce a revamping that will result in job cuts of 6 percent -- more than 600 positions -- and a reorganization that could radically alter the culture at the venerable publishing house.
The company plans to reveal the overhaul in a memorandum Tuesday evening from Ann S. Moore, Time Inc.'s chairman and chief executive, and the layoffs will begin in about two weeks.
No magazines are scheduled to close, but some are likely to be severely cut back. Ms. Moore was already planning an overhaul because of the upheavals in print media, but she was forced to speed up those efforts amid the financial crisis and looming recession.
Time Inc.'s 24 magazines in the United States and their Web sites will be organized into three divisions: news, which will include Fortune, Money, Time and Sports Illustrated; lifestyle titles, which include Real Simple, Cottage Living, Coastal Living and Southern Living, among others; and style and entertainment, which includes People, InStyle and Entertainment Weekly, which has suffered a severe downturn and is likely to be whittled down under the new structure.
Heads of the news and entertainment units will continue to report to John Huey, the editor in chief of Time Inc. The lifestyle unit, which may be run by Bill Shapiro, who has been development editor, will report to the business side of the company. Martha Nelson, who is editor of the People Group, will head the entertainment division.