UPDATE 1-Time Warner to cut Time Inc jobs-source

Thu Oct 22, 2009 9:38pm EDT

(Changes source, adds details)

NEW YORK Oct 22 (Reuters) - Time Warner Inc's (TWX.N) magazine division Time Inc plans another round of job cuts as advertising declines erode revenue, a source familiar with the unit said on Thursday.

The job cuts at Time Inc -- which publishes Time magazine, People, Sports Illustrated and Fortune -- would be at about the same level as the division cut last year, the source said.

Time Inc. cut more than 600 positions, or more than 6 percent of its workforce, in that round.

The company declined to comment, though a spokesman for Fortune magazine separately said that it plans to shave the number of issues that it publishes a year to 18 from 25.

The report of the cuts first appeared on The Wall Street Journal's website sourced to people familiar with the matter.

Declines in ad revenue are hurting magazines and newspapers as the Internet sucks away readers, and advertisers cut their budgets because of the recession.

McGraw-Hill Companies MHP.N earlier this month said it was selling BusinessWeek magazine to Bloomberg LP. (Reporting by Robert MacMillan and Dhanya Skariachan; editing by Carol Bishopric)

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