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Time Australia's editorial bureau could be shut by the end of the year following news its journalists, including editor Steve Waterson, are to be sacked.
News Limited reports the move comes a year shy of Time magazine's 50th anniversary in Australia.
Editorial staff were notified on Monday night they would be retrenched, but it is not known when.
"It will be sooner rather than later," Mr Waterson told The Australian newspaper.
About 30 sales and subscription staff were told they would not be affected by the cuts.
Time would continue to be sold in Australia.
Mr Waterson said he did not know if local content would remain.