Time Chief Executive Joseph A. Ripp announced the changes, but not the numbers, in an internal memo to staff this week.

The New York Times reports that the restructuring will result in around 500 layoffs.

Writing in Ad Age Media News, Michael Sebastian said the layoffs would also affect senior management, with David Geithner, executive Vice President of the Style and Entertainment Group, and Ed Kelly, CEO of American Express Publishing both leaving the company.

The memo revealed that the three Time magazine groups—News and Sports, Style and Entertainment, and Lifestyle—will now be  headed by Todd Larsen, the Executive Vice President and President of the News and Sports Group, and Evelyn Webster, Executive Vice President and President of the Lifestyle Group. The two will split the company’s portfolio, but work together in overseeing the magazines, the report states.

“A single Time Inc portfolio will give us more operational flexibility, speed decision-making and spur the development of new cross-brand products and revenue streams to help stabilize and grow our top-line revenues,” Ad Age quotes Ripp as saying in the memo.

This is the second time in the past 14 months that Time Inc has laid off a significant number of staff. In January 2013, the company laid off 500 staff under former CEO Laura Lang.