Time Inc. CEO as Sale Talks End: 'This Company Has Largely Under-Exposed Its Brands'
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It’s official: Time Inc. has not found a buyer — and is no longer considering offers. In an announcement that put a cap on months of speculation over who would buy the publishing giant and when, Time Inc. said Friday morning that the “Company will continue to pursue its strategic plan.”
The magazine group, home to brands including Sports Illustrated, People and Time, outlined said strategic plan in corporatespeak that veered from predictable to scary. As any good publisher plan would, it calls for an emphasis on video and “continued growth in digital audiences and digital revenues.” It also promised “selective portfolio rationalization” and “continued aggressive reengineering of the cost structure of the Company.”
These are trying times for magazine publishers. Magazines’ print ad revenue, still a crucial source of revenue for the industry, will decline 2% to $12.4 billion this year, according to a recent forecast from eMarketer, and slip another 0.5% next year.
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