Not to be outdone, Time Inc. plans to cut 6 percent of its staff - about 600 jobs. The companies best known properties are Sports Illustrated, People, Time and Fortune. That's about 600 jobs. From the New York Times:
No magazines are scheduled to close, but some are likely to be severely cut back. Ann S. Moore, Time Inc.’s chairman and chief executive, was already planning an overhaul because of the upheavals in print media, but she was forced to speed up those efforts amid the financial crisis and looming recession.