Time Inc., the largest U.S. magazine company whose publications include Time, Sports Illustrated and People, on Friday cut 250 jobs in its latest round of layoffs.
The job cuts, which come on top of 205 positions it has eliminated through cuts and voluntary buyouts since December, mostly came from the business side of the publisher. Time Inc. is a unit of Time Warner Inc. .
A spokeswoman for Time Inc., whose total staff now numbers about 12,000, said most of the cuts were mid-level or junior-level staff and very few editorial positions were affected.
In addition to cost cutting, the publisher said it is working to reallocate assets and invest in other areas of growth.
"We will always look at ways to run our business more efficiently and effectively, but we do believe this covers the vast majority of job eliminations at least for the foreseeable future," the spokeswoman said.
Shares of Time Warner closed down 7 cents to $16.62 on the New York Stock Exchange.
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