The newspaper also said it would reduce by 15 percent the number of pages it produces weekly.

Time Editor Russ Stanton announced the cuts in a memo to the staff, the newspaper reported Wednesday afternoon.

"Thanks to the Internet, we have more readers for our great journalism than at any time in our history," Stanton said. "But also thanks to the Internet, our advertisers have more choices, and we have less money."

Stanton pointed out that the economic downturn has been particularly troublesome for California's housing sector, which has traditionally accounted for significant revenue for the newspaper.

Newspapers throughout the United States have experienced similar revenue losses. Some have shut down while others have scaled back operations.

Times Publisher David Hiller said the cuts are intended to help the newspaper "get ahead of the economy that's been rolling down on us and get to a size that will be sustainable."

The cuts will leave the newspaper with about 3,000 employees, Hiller said.

The newspaper cut a reported 100-150 jobs in 2007, prior to its sale to current owner, Chicago real estate mogul Sam Zell, citing declining advertising and circulation revenue.