Time Inc. Struggles in Digital Age - Will Lay Off 700

Time Warner's Time Inc. will lay off up to 700 staffers out of just under 8,000 total as the publisher's new chief struggles to transform famous titles and massive market share into a digital profit center.

The staff cuts will come sometime in the first quarter, said a person familiar with the company's plans, and will be across the board -- not just focused on editorial, where staffing has already been hard hit.

A Time Warner spokesman declined comment.

Time Inc. revenue fell 6% for the nine months ended in September to $2.5 billion. Profit dropped 14% to $220 million. During that period, it dominated 21.5% of overall domestic magazine advertising.

Time's stable of 21 U.S. magazines and 25 websites includes ...