Report: Time Warner puts Time Inc. on the block
New York—Time Warner is reportedly in talks to sell some or all of its Time Inc. publishing business.
According to a report in Fortune, a “serious buyer” is in talks with the company. The report noted that the talks are in very preliminary stages and may not come to fruition.
According to Fortune, a Time publication, one possible scenario is for Time Warner to retain Fortune, Sports Illustrated and Time, with the rest of the Time Inc. brands, including InStyle, People and Real Simple, to be sold.
Last month Time Inc., the largest magazine publishing company in the U.S., announced it would lay off 6.0% of its workforce. The company’s 2012 revenue of $3.4 billion declined by 6.6% from the previous year, with operating earnings falling 25.4%.