New York—In a reflection of how the Internet is eroding print media, Time announced Thursday that it will reduce its rate base to 3.25 million from 4 million. The Time change goes into effect in January, when the magazine moves to a Friday on-sale date (from Monday). Time also said it would reduce the number of targeted editions to three from eight. In addition to the national magazine, there will be Time Global Business (1.5 million circ.) and Time Select (800,000 circ.). Time Style & Design (550,000 circ.) will continue to run as a quarterly. Starting with the Nov. 20 issue, Time will also raise its newsstand price one dollar, to $4.95.Time’s chief rival, Newsweek, has a guaranteed paid circulation of 3.1 million.