Report: Time Warner seeking buyers for its magazines

People walk in front of the Time Warner Inc. headquarters building at Columbus Circle in New York. Credit: Reuters
People walk in front of the Time Warner Inc. headquarters building at Columbus Circle in New York.
Credit: Reuters

Time Warner Inc is seeking to sell its publishing unit Time Inc and has met with at least one serious buyer, Fortune magazine said, citing unnamed sources.

A meeting with a potential buyer is scheduled for today, the report said, adding that talks are still in formative stages.

A Time Warner spokesman said the company does not comment on speculation.

Time Inc is the publisher of magazine titles like People, Sports Illustrated, Fortune and its namesake newsweekly.

In one possible outcome, the buyer would get most of Time Inc’s titles while Time Warner would retain three magazines: Time, Sports Illustrated and Fortune, the report said.

Magazines and newspapers are dealing with declining advertising revenue and readers who are increasingly choosing digital products over print.

In 2012, revenue at Time Inc dropped 7 percent to $3.4 billion on declines in advertising and subscription revenue. Operating income fell 25 percent for the same period.

Time Inc announced in January it planned to cut about 500 jobs, or about 6 percent of its workforce.



News
Entertainment
Sports
Lifestyle
National

Sister of accused Boston Marathon bombers arrested for…

The sister of the accused Boston Marathon bombers was arrested in New York City for threatening a woman over the phone, saying she could "put a bomb on you," police…

Local

Mayor announces public housing improvements

Mayor Bill de Blasio spoke at the Lincoln Houses in East Harlem on Wednesday, calling for the scaffolding to come down at NYCHA complexes across…

National

Peter Theo Curtis: American released by Syrian militants…

An American writer freed this week from two years in the captivity of insurgents in Syria spoke briefly outside his family's Cambridge home Wednesday of…

Local

Bratton defends 'broken windows' work as NYPD support…

Sixty percent of those polled said they support the "broken windows" theory approach popularized by Commissioner Bratton since his first term in the 1990s.

Television

'So You Think You Can Dance' recap: Season…

Season 11’s top four dancers gave their final performances before America’s Favorite Dancers are announced next week.

Going Out

Labor Day in NYC: Make the last weekend…

Soon, it’ll be time for wool accessories and knee-high boots. Even the Pumpkin Spice Latte has already arrived — but we still have one last…

Going Out

Things to do this week in NYC, Aug.…

MUSIC The Electric Zoo Festival Aug. 29-31, 1 p.m. Randall’s Island Park $99-$369, www.electriczoofestival.com The electronic music celebration returns for a fifth year, with 150,000 attendees…

Going Out

5 things to do this weekend in NYC

The Electric Zoo Festival Aug. 29-31, 1 p.m. Randall’s Island Park $99-$369, www.electriczoofestival.com The electronic music celebration returns for a fifth year, with 150,000 attendees expected. David Guetta,…

NFL

Mario Manningham on the bubble as Giants play…

Former Super Bowl hero Mario Manningham hopes his second go-around with Big Blue doesn’t end with Saturday’s final cut day.

NFL

Source: Stephen Hill 'faces a battle' to make…

A team source says Stephen Hill, who has battled injuries and poor performances during his first two years, is no lock to make the Jets’ final roster.

Sports

Serena Williams leaving legacy of talented American women…

It seems only a matter of when, not if, Serena Williams will win her 18th career grand slam championship.

College

When are 2014 college football playoffs? (Schedule, date,…

When and where are 2014 college football playoffs? A look at the schedule, date, TV, time for the semi-finals at championship game.

Style

Trend: White hot on the 2014 Emmy's red…

White was one of the big trends on the Emmy's red carpet.

Food

Recipe: Samuel Adams beer-marinated grilled shrimp

Summer calls for two things: a cold beer and light food. Sam Adams' Latitude 48 IPA fairly bursts with citrus notes, making it an ideal marinade…

Wellbeing

4 healthy ingredient swaps to make your meals…

When it comes to eating well, everyone knows they could be doing better. But cooking in an apartment on a busy schedule is a recipe…

Wellbeing

Heart trumps brain when it comes to movies…

When you need a good cry, do you reach for the movie that’s “based on a true story”? Science says you’re giving your brain far…