Time Warner's ( TWX) Time Inc. magazine unit is planning layoffs at a number of its titles.

According to a memo to staff Thursday, the cuts will come from both the editorial and publishing sides of the organization.

The memo didn't disclose the number of jobs to be cut, but media reports have pegged the figures at 250 to 300. One person familiar with the situation said that 70 jobs will be cut in the editorial department of the company's flagship magazine, Time.

The company's other magazines include Sports Illustrated, People and Fortune.

The layoffs come as Time Inc., along with most print media outlets, grapples with a downturn in advertising and increasing competition from the Internet.

"We need to continue to evolve to meet the cost pressures and challenges presented by our rapidly-shifting industry," Time Inc. CEO Ann Moore said in the memo.