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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