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.
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.