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Report: Time Inc. Nixes Raises, Will Cut 500 to 700 Jobs Soon

In a memo to employees, Time Inc. CEO Laura Lang eliminated pay raises for 2013, "but avoided any direct talk of layoffs," writes Keith Kelly. Still, his sources say to expect cuts of between 500 to 700 jobs, probably in early February -- later than previously assumed, to be "closer to the date when Time Warner is set to announce fourth-quarter earnings."

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