The Journal story said an undetermined number of layoffs were expected at the magazine. Through the first nine months of this year, Fortune's ad pages declined 34.9% from the year-earlier period.
Other general-business publications, such as BusinessWeek which Bloomberg L.P. recently agreed to purchase from McGraw-Hill Cos., have experienced similar declines.
Fortune's rate base will remain the same, at 830,000. Additionally, it plans to invest more in the look and feel of the publication by using heavier paper stock with a matte finish.