Jan. 30, 2013 at 1:29 PM ET
Time Inc. is reducing its work force by six percent -- about 500 jobs, an internal memo to the publishing company's staff said on Wednesday.
"Today we are beginning the painful process of reducing our global staff of 8,000 by approximately six percent," began the memo, from CEO Laura Lang, a copy of which was emailed to NBC News. Earlier Wednesday, the Wall Street Journal's "All Things D" blog published a copy of the memo.
The number of layoffs was not as much as had been rumored in press reports recently, which were predicting as many as 700 workers would be let go from the company that publishes the venerable news weekly Time Magazine, Sports Illustrated and People magazine.
The cuts come as the industry struggles to find a business model that will stop the loss of revenues through declining subscriptions and advertising.
Time Inc. is a divison of Time Warner Inc.