US Magazine publisher Time Inc said it was looking to sell several assets, including Time Inc UK, Time Customer Service and a majority stake in the Essence magazine, CNBC reported on Friday.
Posted on: 25 September 2017 08:02
The company has not entered into any definitive agreement.
The sale processes were at various stages and the company has not entered into any definitive agreement, Time said in a regulatory filing on Friday.
The New York-based publisher of Sports Illustrated, People and namesake Time also said it experienced softness in both print and advertising revenue during the current quarter relative to the forecast provided during the second-quarter earnings call.
The company's magazine circulation revenue fell 12 percent in the second quarter ended June 30 and its advertising revenue dipped about 12 percent, as readers and advertisers shift to digital platforms.
A Time Inc. UK spokesperson told InPublishing: “Our parent company Time Inc. has clearly stated publicly its transformation strategy. Time Inc. UK is a proven and profitable company and it remains business as usual for us."
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