Magazine publisher Time Inc. cutting 300 jobs globally

Markets Associated Press

Magazine publisher Time Inc. says it's cutting 300 jobs as it struggles to adjust to readers' shift online.

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The New York company behind its namesake publication, People, Sports Illustrated and Fortune says about half the jobs eliminated are in the U.S. About 60 percent are layoffs; the rest are staff buyouts. The cuts amount to about 4 percent of the company's staff as of the end of December.

Time Inc.'s CEO Rich Battista said in a note to employees Tuesday that the company's key growth areas include video and "native" advertising that looks like editorial content. He says there are "positive signs of stabilizing" in the print business.

Time said in late April that it was no longer considering a sale of the company and would stick with its original plan, which includes increasing digital revenue.