New York - Time is sacking six percent of its workforce, or around 480 employees, the company said on Wednesday in an employee memo.

The move comes just a month after Time magazine's long-term rival Newsweek ceased print publication, moving only to digital version for tablets and folding its website into that of its partner site The Daily Beast.

However, CNN quoted a Time spokesperson as saying there were no plans to take any of the company's magazines out of print.

Time is a division of Time Warner and owns some of the world's best known magazines, including Time, Sports Illustrated, People and Entertainment Weekly.

“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,” CEO Laura Lang was quoted as saying.

The company employs 8 000 people around the world and the cuts will hit all areas of the company, both in the US and among international staff. - Sapa-dpa