The publisher, which said in April that it would not sell itself, said assets identified for sale include Time Customer Service and a majority stake in the Essence magazine.
The assets marked for divestitures represent about $488 million, or 17 percent of total revenue for the 12-months ended June 30, the company said.
A sale may be announced as early as the fourth quarter, the company said in a regulatory filing on Friday. bit.ly/2xkudm5
The New York-based publisher of Sports Illustrated, People and namesake Time said it experienced softness in both print and advertising revenue during the current quarter relative to the forecast issued during the second-quarter earnings call.More.
Reality check: Once again, it isn’t the drumbeat of progressivism that causes the decline. The decline was underway and in that case, lacking a connection with the readership, the staff milled around, doing whatever they felt like – which was, as it turns out, progressive politics.
Recent honesty about the Democratic party’s woes will not save the mag because we all knew about them already. Put another way: If the only news is that Time “gets it,” then Time isn’t a news medium any more.
See also: Rolling Stone gathers no moss, up for sale
Vanity Fair is taking a hit too