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Time Inc. to lay off about 500 people

NEW YORK — Time Inc., the magazine giant with brands including People, Sports Illustrated, and Fortune, began a new round of layoffs Tuesday as part of a companywide restructuring that will result in the loss of about 500 jobs, according a person briefed on the matter.

Joseph A. Ripp, Time Inc.’s chief executive, unveiled plans for the job cuts, but not the number of layoffs, Tuesday in a letter to employees. The cuts were announced as Time Inc. prepares to be spun off from its parent, Time Warner.

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Time Warner’s decision to cleave its magazine business from its more lucrative television and film assets makes it one of several media companies pursuing such a move.

Last year, News Corp. separated its newspaper and publishing assets from its film and television business. And Tribune Co. plans to split its newspaper and television units into two companies.

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