Time Inc. to cut 300 jobs in shift to digital

In a major restructuring, Time Inc. is eliminating about 300 jobs in the U.S. and abroad, as the country's largest magazine publisher sharpens its focus on digital media and video opportunities.

The job cuts and buyouts will affect 4% of the company's employees, which numbered about 7,450 at the end of December. The streamlining will involve print magazines, corporate and sales, with more than half of the employees affected based in the U.S.

The restructuring comes less than two months after Time Inc.'s board decided not to sell the company and ended talks with potential suitors.

"We're re-engineering our entire cost structure," said Rich Battista, chief executive, in an interview. "We're trying to be as nimble and efficient as possible, and get this process moving."

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