Time Inc., to sell several boating titles
NEW YORK – Time Inc., plans to sell 18 print titles from its Time4Media and Parenting groups according to a memo from CEO Anne Moore to employees, Folio magazine reported in a story on its Web site earlier this week.
The announcement will affect a total of 560 workers, including 440 in the Time4Media division and 120 in the Parenting Group. The sale will be brokered by J.P. Morgan, Folio reported.
The sale will eliminate the media company’s Time4Media division, which is home to Golf Magazine, Ski Magazine, Field & Stream, Outdoor Life, the Transworld publications, as well as Popular Science and This Old House. Time Warner purchased the division, formerly the Times Mirror Magazines, from Tribune in 2000 for $475 million, according to the story.
Time4Media President Thomas Beusse, who has heavily focused the division on digital media since taking the reins in January, will continue to helm the division until a sale is finalized.
The Time4Media businesses for sale include:
The Parenting assets include:
“While these titles are good performers, Time Inc. is focusing its energy, resources and investment on our largest and most profitable brands, brands that have demonstrated an ability to draw large audiences in print and digital form,” Moore said in her memo. “Our recent acquisition of Golf.com and greater investment in CNNMoney.com, SI.com, People.com, Time.com, InStyle.com and Time Inc. Interactive are evidence of this focused strategy.”
- For more of the latest news, click here.