US group Meredith to sell Time and Sports Illustrated magazines
The plan includes cutting 1,200 jobs, on top of 600 positions already removed
Following a strategic review, Meredith decided to sell off Time, Sports Illustrated, Fortune and Money. PHOTO: AFP
NEW YORK:
US media and marketing group Meredith said Wednesday it was seeking a buyer for four magazines, including Time and Sports Illustrated, which it acquired less than four months ago.
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The company also announced a savings plan that would allow it to reduce its annual spending by $400 million to $500 million over the first two years, following its $2.8 billion acquisition of Time Inc. in January.
The plan includes cutting 1,200 jobs, on top of 600 positions already removed to reduce the group's operating costs.
Following a strategic review, Meredith decided to sell off Time, Sports Illustrated, Fortune and Money. It said it has received some interest, without offering further details.
According to Time Inc.'s 2016 annual report, both Time and Sports Illustrated had a circulation of 3 million, compared to 1.55 million for Money and 830,000 for Fortune.
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Meredith will retain Time Inc.'s most popular title, People magazine. Other titles in Time Inc.'s portfolio when the deal with Meredith was struck included niche magazines such as Southern Living, which focuses on life in the southern United States.
Among the funding obtained by Meredith to take over Time Inc. was $650 million lent by Koch Equity Development -- owned by billionaire brothers and significant Republican party donors Charles and David Koch. At the time, the company said the pair would have no editorial influence.
US media and marketing group Meredith said Wednesday it was seeking a buyer for four magazines, including Time and Sports Illustrated, which it acquired less than four months ago.
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The company also announced a savings plan that would allow it to reduce its annual spending by $400 million to $500 million over the first two years, following its $2.8 billion acquisition of Time Inc. in January.
The plan includes cutting 1,200 jobs, on top of 600 positions already removed to reduce the group's operating costs.
Following a strategic review, Meredith decided to sell off Time, Sports Illustrated, Fortune and Money. It said it has received some interest, without offering further details.
According to Time Inc.'s 2016 annual report, both Time and Sports Illustrated had a circulation of 3 million, compared to 1.55 million for Money and 830,000 for Fortune.
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Meredith will retain Time Inc.'s most popular title, People magazine. Other titles in Time Inc.'s portfolio when the deal with Meredith was struck included niche magazines such as Southern Living, which focuses on life in the southern United States.
Among the funding obtained by Meredith to take over Time Inc. was $650 million lent by Koch Equity Development -- owned by billionaire brothers and significant Republican party donors Charles and David Koch. At the time, the company said the pair would have no editorial influence.