In another sign of struggles within print media, Time Inc. reported disappointing quarterly results and announced a deep cut in the dividend and asset sales in order to try and rejuvenate the company. The company also announced an 8% decrease in advertising revenues, including a 21% decline in print advertising.
Time, Inc. owns various media properties and came into existence after Time Warner separated it from the larger company. Those properties include well-known brands such as the namesake Time magazine as well as People, Sports Illustrated, and Fortune. The asset sales would likely come from the smaller and less known titles in Time’s 75 magazine portfolio.
Time magazine was once a dominant presence in the media, enjoying a duopoly with rival Newsweek and the other major magazines also dominated their categories, but the internet has eroded their competitive strengths.
It had been rumored that Time, Inc. would be purchased by Meredith Corp., the publisher of Better Homes and Gardens. Meredith offered Time $18 per share but was rebuffed. Time shares are trading today at $12.95, down 14% from yesterday’s close.
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