Back in July Time Inc announced that it was putting its Essence, Golf, Coastal Living and Sunset magazines on the block. Yesterday it was announced that Time Inc unloaded Sunset to Los Angeles based private equity firm Regent L.P. for an undisclosed amount. Regent chairman Michael Reinstein a long time fan of the Sunset brand said that Sunset will now return to its roots adding that being part of Time Inc’s vast brand offerings Sunset never got the chance to shine and see sunlight. Time Inc’s outgoing CEO Rich Battista is happy to have found a new home for the publication which reaches 6.5 million cross platform individuals saying:
“We’re pleased to have found such a passionate buyer in Michael Reinstein and Regent. For 27 years, we’ve expanded Sunset’s influence and reach as the defining lifestyle brand of the modern American West serving an audience of 6.5 million across platforms. Now, under the new ownership team led by Michael Reinstein, Sunset will have the opportunity to reach new heights.”
With the sale of Sunset done, Time Inc still has to unload Golf and a majority stake in Essence. The company announced that it was no longer looking to sell the Coastal Living brand. Time Inc is also still shopping its entire UK division and its Florida based customer service operation. Meredith President/COO Tom Harty who is in line to become CEO of all of Meredith in the near future said that Meredith is allowing Time Inc to move forward with selling off these assets and is confident that they will have everything out the door by the end of the calendar year.
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