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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.
“When we enter the public markets in a few short months, our success will depend on how investors view the momentum we are generating at the new Time Inc.,” Ripp wrote.