Time Inc. will buy back 10 million shares of stock.

The repurchase of about 16% of Time’s 62.9 million shares outstanding will be made as part of a previously announced restructuring. Time said the shares would be available to fund the company’s dividend reinvestment program, employee benefit and stock incentive plans, for acquisitions and for “general corporate purchases.” Peter P. Appert, analyst at the C. J. Lawrence brokerage, said the repurchase would also raise the company’s stock price and thus help fend off would-be suitors.