Ever since the powers that be decided to take Time Inc off the sale block, CEO Rich Battista under the advisement of McKinsey & CO partner Christian Schmitz who is overseeing Time Inc’s transition has been combing the books to identify assets to sell off, people to layoff and brands to cut or shut down. So far Time Inc has put up brands like Sunset and Golf and a majority stake in Essence for sale as well as its entire UK operation and a customer service center in Florida. Coastal Living was originally also up for sale but the company is said to have scratched that plan. These moves are part of an effort to save hundreds of millions of dollars because like other publishers, Time Inc continues to suffer from a steady decline in print related revenues which is currently its main source. Another step Time Inc is now taking to help shave costs is cutting back on the frequency of some of its most famous brands. The company said it is cutting the frequency of its flagship Time magazine, business title Fortune, Entertainment Weekly and Sports Illustrated. Cutting the frequency of the magazines will help the company save on production and other costs. Meanwhile Time Inc will continue to pour money into video and other digital initiatives in an attempt to appeal to younger readers and attract more advertisers.
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