According to press reports, Time Inc. (publisher of Time, Sports Illustrated, etc.) will move its headquarters from midtown Manhattan to downtown Manhattan, rather than to smaller headquarters in New Jersey that it had originally planned, and will do so with the help of $10 million in public subsidies. These include a $7 million grant under the World Trade Center Job Creation & Retention program and a $3 million Excelsior Jobs Program tax credit. Time Inc. was also reported to have been planning to cut costs by outsourcing some of its jobs in overseas markets.