Time reportedly looks at 150 layoffs

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NEW YORK -- Magazine publisher Time Inc. may decide in the next two weeks to cut 150 jobs, and Time magazine could be particularly hard hit, the New York Post reported on Friday, citing sources.

The cuts at Time Inc., a unit of Time Warner Inc., could happen across the board, and include other top magazines such as People and Sports Illustrated, the Post reported.

Editorial ranks will absorb more cutbacks than in the past, the Post said, but quoted one source as saying that he or she did not think anything had been finalized yet.

The cuts would come on the heels of a cost efficiency study undertaken by the management consulting team of McKinsey & Co.

A Time Inc. spokeswoman was not immediately available for comment.
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