Time Inc. announced on Wednesday it was cutting 6 percent of its 8,000 member workforce.
It will offer layoffs and buyout packages to about 480 staffers, the New York Times reported.
Time's chief executive Laura Lang, Inc., said the cuts would would extend worldwide and would help the company make the leap into the digital world, the Times said.
“We must continue to transform our company into one that is leaner, more nimble and more innately multi platform,” Lang explained.
The company has seen a number of changes in recent years, including the departure of CEO Jack Griffin in 2011 after only six months, according to CNN Money.
A spokesperson for the company said Time had no plans to fold the print versions of its magazines.