Gawker unfurls memos sent to various people at Time Inc.. The New York Times reports the layoff figure at 300. Bureaus in Washington, Miami, Chicago and Austin have been shut down. People has laid off 44 editorial employees, Time has laid off 50 people, and there are additional layoffs at Sports Illustrated and Fortune.
[UPDATE: I have confirmation from a few inside sources that an even bigger round of layoffs is scheduled in two weeks and that volunteers have been asked to step forward.]