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More than 200 union-represented employees of Time Inc. have turned down the conglomerate’s final contract offer following months of negotiations between the Newspaper Guild of New York and the company.

“Time Inc.’s proposal to hollow out its own company was voted down by its employees in a nearly unanimous vote because it is simply not acceptable,” said Newspaper Guild of New York President Bill O’Meara. “Management wants the ability to send 160 editorial jobs overseas, which would be a massive blow to some of the nation’s most important and respected magazines.”

A spokesperson for Time Inc. said, “It is unfortunate that following months of hard work and good faith negotiations by Time Inc., we were unable to reach an agreement with the Newspaper Guild’s leadership. We are disappointed that the Guild has voted against our last, best and final offer, which is both fair to Guild members and recognizes the new realities of the media industry, which has changed dramatically and continues to rapidly evolve.”

The guild said Monday that the rejected “last, best and final” offer would reduce benefits and allow management at Time, People, Sports Illustrated, Fortune and Money to subcontract up to 60 full-time regular positions and all of the current 100 temporary positions – more than half of the journalists at the five magazines.

The guild said it would mount a vigorous campaign against the proposals, including pursing its legal options at the National Labor Relations Board.

Time Inc. was spun off from parent company Time Warner Inc. on June 6.