 Rich Battista |
Time Inc. today reported a nine percent drop in Q3 revenues to $679M due to an 18 percent decline in advertising sales.
CEO Rich Battista highlighted Time’s growth in digital/brand extensions revenues that are expected to hit the $1B mark this year.
For the first time, the publisher provided quarterly breakout figures for magazine, digital and brand extension segments.
The magazine group dipped 14 percent to $433M, while digital advanced three percent to $165M and brand extensions slipped four percent to $83M.
Battista noted that the publisher’s “strategic transformation program” officially launched during Q3, a program designed to optimize revenues opportunities and shave more than $400M from the company’s cost structure.
“Our new management team remains focused on executing effectively against our growth strategy to sustain the strength of our print products, increase our growing digital revenues and extend our brands through high-margin, high-value offerings,” said Battista in a statement.
Focusing on Time’s 139M monthly unique visitors, Battista said the company “is committed to leveraging our massive scale and powerful brand portfolio to serve our consumers anywhere.”
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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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