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Time Inc says in talks to sell several assets

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Time Inc says in talks to sell several assets

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(Reuters) – Magazine publisher Time Inc <TIME.N> said it was looking to sell several assets, including Time Inc UK, Time Customer Service and a majority stake in the Essence magazine. 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.

(Reporting by Supantha Mukherjee in Bengaluru; Editing by Sriraj Kalluvila)
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