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Time Inc., the magazine publishing division of media giant AOL Time Warner, is paying $1.6 billion in cash to acquire IPC Media, the largest publisher of consumer magazines in Britain, the companies confirmed. The deal, which must be approved by European regulators, marks the first major international acquisition by the largest magazine publisher in the US. Until now, the New York-based company has focused on domestic mass-market magazines such as Time, People, Fortune, and Sports Illustrated. IPC publishes more than 100 magazines, among them Marie Claire and TVTimes.

Six thousand jobs must be cut by Hewlett-Packard, the company said, despite $130 million in cost savings expected to result from such short-term measures as a voluntary pay-cut program that has been embraced by tens of thousands of employees. In April, the Palo Alto, Calif., maker of computers and printers announced it would lay off about 3,000 employees in managerial positions.

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Internet software maker BroadVision Inc. said it will lay off up to 300 more workers. The Redwood City, Calif., company already has cut roughly 700 jobs over the past three months. BroadVision makes software designed for e-commerce and other online transactions among businesses, consumers, and employees.

(c) Copyright 2001. The Christian Science Monitor