Time Inc. — publisher of Time, People, Fortune and Sports Illustrated magazines — has cut 300 workers or about 4% of its total workforce according to Reuters.
The job losses include both layoffs and budgets.
Time Inc. is one of the nation’s leading magazine publishers but has seen magazine circulation and advertising decline with the growth of the Internet and smartphones.
The company reported first-quarter revenues of $636 million in the first quarter of 2017, down 8%. Advertising revenues were also down 8%. Circulation revenues plunged 14% from the previous year.
Time Inc. received several proposals to purchase the company this year but failed to consummate a deal.