Time Inc UK is looking to trim the fat with the sale of some of its titles as it embarks on a cost-cutting mission to compensate for lower-than-expected circulation and advertising revenue.
In the same week Rolling Stone’s publisher announced that magazine as being on the market, a number of assets could be sold. The company, which produces Marie Claire, NME, Wallpaper and TV Times, announced Friday 22 September that its print and advertising income did not perform as projected.
On the whole, Time Inc said in April that the brand will not go up for sale, and it will instead jettison some assets for a cash injection. As such Time Customer Service and a majority stake in Essence magazine are on the table, according to Reuters. It hopes to make a sales announcement as early as the fourth quarter of the year.
As the print sector generally suffers a circulation and revenue decline, Time Inc UK suffered a similar fate this quarter. Overall circulation was down 12% year-on-year in the quarter leading up to 30 June. Advertising revenue decreased at the same rate.
On top of a $400m savings plan, the company divulged its strategy to turn its fortunes around. It claimed it will reignite income with “Continued optimisation of the advertising sales force and expansion of innovative retention strategies” and “further enhancement of targeting, attribution and audience analytics”.