Time Inc to cut 500 people TIME Inc, the magazine unit of Time Warner Inc, says it is cutting 6 per cent of its global staff of 8000, or about 500 people. The cuts began on Wednesday and will affect domestic and international workers. In a memo to staff, Time CEO Laura Lang said the company must become leaner, more nimble, and operate on multiple platforms. She said operating more efficiently would create room for critical investments and new initiatives. The unit publishes magazines such as Fortune, InStyle, People, Real Simple, Sports Illustrated and Time. Time Warner is expected to release its fourth-quarter earnings next Wednesday. In recent years, Time Inc has been a drag on corporate-level results and revenue from the magazine unit hasn't recovered from the recession as advertisers continue to shift money out of print formats and into digital ones. In 2008, the publishing division took in $US4.6 billion ($A4.42bn) in revenue, the same year it booked a one-time impairment charge that resulted in a $US6.6 billion loss for the unit. According to a survey by FactSet, analysts expect Time Inc's magazines to post 2012 revenue of $US3.5bn when the company releases financial results next week. They predict revenue will decline to $US3.3bn in 2015.