Layoff news started trickling out of Time Inc. last night: The New York Times reported that 15 to 20 sales and marketing staffers were laid off from Sports Illustrated.

But, we expect many more cuts to be announced later today as the magazine publisher looks to trim $100 million from its budget. The Times reports that meetings are scheduled for Time Inc. staffers at 10 a.m. today, and 400 to 500 people might lose their jobs -- although those covered by Newspaper Guild contracts will be offered buyouts. A majority of the layoffs are expected to come from the news division, which includes Time, Fortune and Sports Illustrated.

Of course, these hundreds of layoffs come only a year after the company cut its staff by 600 through voluntary buyouts and layoffs.

We'll keep you updated as this story develops. Know anything? Send us an email or leave a tip in the box at right.

Time Inc. Layoffs Begin at Sports Illustrated --New York Times