Time Inc. CEO Rich Battista today announced a "strategic transformation program" designed to result in more than $400M savings during the next 18 months.
A chunk of that savings is to be reinvested in areas such as native/branded content, video, data and brand extensions.
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Rich BattistaThe New York publisher, which had been on the auction block, says it will sell magazines beyond its core brands (Time, Sports Illustrated, People, Fortune).
Golf, Coastal Living and Sunset will be the first magazines to be put up for sale. Time is looking for a majority investor partner for Essence.
Battista reported a 10 percent drop in second-quarter revenues to $694M due to slides in advertising and circulation dollars.
The company attributes part of the 12 percent drop in ad revenues due to "speculation about the ownership of the company."
Time suffered a $44M loss for the period following a $50M "goodwill impairment charge" due to industry consolidation, stronger competition and slower revenue growth than had been anticipated.
The company earned $18M in the year ago period.
Time's stock trades at $13.13. 52-week range is $20.40 and $11.65.
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Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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