According to The New York Times, print journalism took another blow to its midsection this week.
In a broad retrenchment, Time Inc. announced yesterday that it would cut nearly 300 employees at its top magazines, including the most profitable publication, People, as it moves to invest more in its Web sites.
The number of cuts — 289 in total — were deeper than expected, with 172 of them coming from the editorial side and 117 from the business side.
Time magazine is losing close to 50 people and is shutting its bureaus in Los Angeles, Chicago and Atlanta. Sports Illustrated is losing about 30 people.
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.”