Time Inc. will eventually cut 2.6% of staff winding up with 10,500 employees

[NOTE This post has been updated and corrected.] By the time Time Inc. is through with restructuring, in order to invest the money in its magazine-related websites, the toll is estimated to be about 800+ people from its workforce, according to a story in the New York Times. It cut 600 last year; 289 yesterday and should shed about 530 people when it sells 18 of its special interest publications such as Field and Stream and Parenting.

Ann S. Moore, Time Inc.’s chief executive, said: “We need to continue to evolve to meet the cost pressures and challenges presented by our rapidly shifting industry.”

John Huey, editor in chief of Time Inc., said in a memo that the cuts were being made to help “move quickly into a future of flexible, multiplatform content.”

The company is “changing much of what we do and how we do it,” Mr. Huey said, adding that the cuts did not mean the company would sacrifice journalistic integrity “or that we are getting out of the print business.”

People, perhaps the most successful magazine in history, is laying off about 44 editorial workers, though it is also creating seven new correspondent jobs around the country for a net loss around 37. It is shutting its bureaus in Washington, Miami, Chicago and Austin, Tex....

Employees at People’s soon-to-be-shut bureaus said they felt shell-shocked yesterday as Larry Hackett, People’s managing editor, delivered the news by speakerphone from the magazine’s New York offices. The four bureaus have about 20 people combined.

Mr. Hackett told employees that the cuts were “brought upon us by some real cold hard facts when it comes to how this business is run, and how media is changing.” He said that he regretted the cuts, but that they were necessary for “the health of the magazine” as the company addresses the “needs of the Web site, specials and other technologies that will be emerging.”