Time Inc to cut 480 jobs as ad revenues slump

US magazine publisher Time Inc is to cut 480 jobs, about 6 per cent of its 8,000 global staff, the company's chief executive, Laura Lang, said on Wednesday.

In a memo to employees, Lang said the cuts, were a ''painful process'' would hit "all areas" of the company, including both domestic and international staff.

"With the significant and ongoing changes in our industry, we must continue to transform our company into one that is leaner, more nimble and more innately multi-platform," Lang said.

Time Inc, the magazine division of Time Warner, publishes 95 titles worldwide, including Time, Sports Illustrated, People, Entertainment Weekly and several dozen websites, including CNNMoney.

Its problems are the same as the rest of the US magazine industry, which has seen a downturn in advertising over several years.

A spokeswoman for Time Inc. said the company was not planning on taking any of its magazines out of print. She declined to comment on the cost savings expected to be achieved through the cuts.