Time Inc (TIME.N) said on Tuesday it is eliminating 300 positions, or 4 per cent of its workforce, through layoffs and buyouts, according to an internal memo reviewed by Reuters.

The cuts were being made as the New York-based media company, which publishes dozens of magazines including Time, Sports Illustrated and Fortune, is looking to cut costs and reinvest in growth areas, according to the memo from Time Inc Chief Executive Officer Rich Battista to employees.

Time Inc, like its peers in the publishing industry, has been struggling as print circulations shrink and advertisers shift to digital platforms.

Time Inc replaced its chief executive officer and evaluated a sale earlier this year after activist hedge fund Jana Partners LLC unveiled a stake in the company.

Meredith Corp (MDP.N) made a preliminary offer to buy Time Inc in April, but the bid fell short of price expectations and ultimately the deal failed.

In May, Jana disclosed it had sold its stake in Time Inc.