Date
21 October 2018
Time is among the brands that Meredith Corp is seeking to sell following the acquisition of Time Inc last year. Photo: Reuters
Time is among the brands that Meredith Corp is seeking to sell following the acquisition of Time Inc last year. Photo: Reuters

Meredith eyes sale of some Time publications; announces job cuts

Meredith Corp said on Wednesday that it will explore a sale of Time, Sports Illustrated, Fortune and Money magazines as it seeks to streamline its operations following the acquisition of Time Inc.

The US media company also announced that it has eliminated about 200 jobs and that it will cut another 1,000 positions in the next ten months as part of a cost-cutting drive.

The layoffs come as the firm targets annual savings of up to US$500 million, Reuters reports.

In November last year, Meredith, which owns lifestyle magazines such as Better Homes & Gardens and Family Circle, announced the acquisition of Time Inc in a US$1.84 billion all-cash deal backed by conservative billionaire brothers Charles and David Koch.

Now the company is looking at selling some of the newly acquired brands, including Time, Sports Illustrated and Fortune.

The move to sell the brands illustrates how Meredith sees some of Time’s titles that attract primarily a male readership as not playing to its core strength in women’s magazines, Reuters noted.

Meredith last month said it would sell Time Inc’s UK arm to private-equity firm Epiris Fund II.

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