Time Inc. Not For Sale

Time-Warner is sending out signals that Time Inc. is not for sale in spite of its difficulties over the past two years. Chairman and CEO Richard Parsons told shareholders last week, “I am not an advocate of selling Time Inc.,” and then Ann S. Moore, Time Inc.’s top executive, made it clear at an industry breakfast the magazine group was not on the market.

And although there have been hundreds of layoffs, several magazines closed, and several sold, she said the magazine business had a bright future. “Everybody stay calm,” she told the Magazine Publishers of America meeting. “This is a great business we’re in.”

Bear Stearns issued a report recently suggesting that Time Warner was thinking of selling off the group. Moore fired a shot back at Bear Stearns saying it had undervalued the magazine group. “If you’re going to spin me off you better get a good price,” she warned.

Time Inc. prints 133 titles globally, but much of its effort of late has been digital. Moore pointed to digital success at Sports Illustrated and People in particular and noting that digital now counts for 13% of the group’s revenues, and is projected to deliver 18% this year.

She said the job losses and bureau closings of the past couple of years were to free up more investment funds for digital operations, but she said money was still available for new print launches if they were of a unique subject matter and not just a copy-cat of what is already on the market.

She said Time Inc research showed that print magazines still have a great future as a solitary form of relaxation.  – May 25, 2007

Keywords:magazine publishing,Time Warner

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