Time Inc CEO Rich Battista is wasting no time executing he and his board’s plan to lighten Time Inc’s load. Just yesterday the company announced that it was putting up a majority stake in Essence magazine for sale, kicking of the process of unloading some smaller “non-core” Time Inc brands to reinvest in the bigger brands and digital. Now today, the company is following up the Essence sale announcement with another announcement this time putting Sunset, Golf and Coastal Living magazines on the block. Time Inc like many of its counterparts is working feverishly to shed its legacy print DNA to transform itself into a digital first media company. Unfortunately for Time Inc its print portfolio is so vast that the bulk of its revenue today still comes from print. Rich Battista is perhaps the most optimistic about Time Inc’s future and the progress made so far. But Wall Street is still not convinced at the moment.
Edgar Bronfman Jr. who kicked off the bidding war for Time Inc earlier this year with an unsolicited offer, doesn’t think Time Inc can pull off what Battista and his team are currently trying to pull off if Time Inc remains a public company. The sale of brands like Essence, Sunset, Golf and Coastal Living is part of an effort to save $100 million. The process to so reach that goal begin earlier this summer with the elimination of 300 staffers. Mr. Battista said the company plans to invest heavily in digital and expand The Foundry, its Brooklyn based content studio which is overseen by Time Inc COO/President of Digital Jen Wong. This announcement brings the total number of Time Inc brands for sale to four. This process is nothing new for Time Inc. Under former CEO Joe Ripp, Time Inc sold off This Hold House back in April of 2016. The sale included the magazine and two television shows.
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