Time Inc plans more job cuts in the first quarter

NEW YORK, Feb 22 (Reuters) - Time Inc., which is trying to cut costs amid stiff competition for print advertising dollars, plans to eliminate more jobs in the first quarter, leading to a restructuring charge of up to $20 million.

A spokeswoman for the publishing division of Time Warner Inc (TWX.N) said the cuts affected fewer than 100 employees and most were already made. Time Inc employs about 10,000 people globally. In January 2007, the division employed about 11,300.

Time Inc shut down "Life" magazine early last year while cutting several hundred jobs, part of a broader reorganization at the parent company.

In a filing with the U.S. Securities and Exchange Commission, Time Warner said that "in the first quarter of 2008, Time Inc expects to further reduce headcount" although it gave no estimate for how many jobs would be lost.

It said the cuts would likely result in a restructuring charge of $10 million to $20 million. (Reporting by Paul Thomasch; Editing by Gary Hill)