Streamlining Time magazine and some of its sister publications is expected to cost a lot of jobs.

At least 150 employees are expected to receive their "pink slips" – or dismissal notices this week. All part of a major effort to cut costs. Half of those being laid off are journalists.

The lay-offs are part of a major plan that includes re-working – and hopefully revitalizing – America's leading news weekly. The cuts come on the heels of a similar cutback last year in which more than 600 workers, mostly on the business side, were laid off.