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
Local

Police seek mother of slain 11-year-old on involuntary…

Police are seeking the mother of an 11-year-old girl who was accidentally shot to death by her 2-year-old brother two weeks ago on involuntary manslaughter…

Local

Chestnut Hill College student found dead Wednesday morning

A 22-year-0ld Chestnut Hill College student was found dead this morning inside a college dormitory, police said.

International

Nearly 300 missing after South Korean ferry capsizes

Almost 300 people were missing after a ferry capsized off South Korea Wednesday, in what could be the country's biggest maritime disaster in over 20 years.

News

Explosions in new Boston Marathon bomb panic, 'twisted'…

A fresh Boston Marathon terror alert, which caused Bomb Squad officers to order an evacuation while two controlled explosions were carried out, was today being…

Television

'Dexter' star Jennifer Carpenter moves into producing role

The actress who played the title character's sister in "Dexter" is teaming up with producer George Stelzner to adapt Erika Hayasaki's book "The Death Class:…

The Word

Wahlburgers announce North America domination

Tuesday was a huge day for Donnie Wahlberg.

Books

Becoming friends with New York City's oldest known…

"The Life and Times of Richard Musto" tells the story, through a poem, of the oldest known homeless man in New York City.

Going Out

Get down and dirty at these neighborhood dives

Philly's got its share of innovative gastropubs and seen-and-be-seen drinking establishments with inventive cocktails served in mason jars. But sometimes we just want a shot…

NHL

Flyers, Rangers meet in playoffs for 11th time

The Flyers and Rangers will start a new chapter in a historic rivalry.

MLB

MLB Power Rankings: A's are baseball's best, Brewers…

MLB Power Rankings: A's are baseball's best, Brewers and Braves right behind

NHL

Top 5 Philadelphia storylines for Flyers-Rangers

The slate is clean for the Flyers and the Rangers. Which is good news for the Flyers.

U.S. Soccer

Andrew Wenger has big shoes to fill on…

Lancaster County native Andrew Wenger will feel pressure to fill the shoes of departer forward Jack McInerney.

Tech

5 surprising facts about Google Glass

Your sex life could get more interesting.

Wellbeing

Cognitive skills begin to drop at age 24

But the news isn't all that bad.

Career

How to get a job at a startup:…

We talked to Tarek Pertew, one of the co-founders behind Uncubed, about how to get your dream job at a startup.

Parenting

The 'smartest' summer camps across the country

See a list of summer camps across the country that emphasis learning, while still being fun.