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The publisher, which said in April that it would not sell
itself, last month announced a fresh cost-cutting program,
targeting $400 million in spending cuts.
The assets identified for sale include Time Customer Service and
a majority stake in the Essence magazine, the company said in a
regulatory filing on Friday. http://bit.ly/2xkudm5
The company estimated that the assets marked for divestiture
represent about $488 million, or 17 percent of total revenues
for the 12-months ended June 30.
A sale may be announced as early as the fourth quarter, the
company said.
The New York-based publisher of Sports Illustrated, People and
namesake Time said it experienced softness in both print and
advertising revenue during the current quarter relative to the
forecast issued during the second-quarter earnings call.
Time Inc, which reported a 17 percent fall in second quarter
print and other advertising revenues, had said it expected
sequential improvement in the third quarter ending Sept. 30.
The company's magazine circulation revenue fell 12 percent in
the second quarter ended June 30 and its advertising revenue
dipped about 12 percent, as more readers and advertisers shift
to digital platforms.
The company said on Friday that it expected its cost savings and
efficiency initiatives to offset the advertising softness.
Separately, the company said it received a subpoena from the
U.S. Securities and Exchange Commission requiring it to provide
documents relating to certain goodwill and asset impairments and
some restructuring and severance costs.
(Reporting by Supantha Mukherjee and Aishwarya Venugopal in
Bengaluru; Editing by Sriraj Kalluvila)
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