Time Inc to Sell Off Assets as Print, Advertising Revenue Softens

The British division was known as IPC Media before being rebranded in September 2014 as Time Inc UK, three months after the USA magazine publisher was spun off from Time Warner.

The IPC brand dated back to 1963, when the International Publishing Corporation was created as a holding company for the Mirror newspaper group and a number of the UK's biggest magazine publishers.

Separately, the company said it received a subpoena from the U.S. Securities and Exchange Commission requiring it to provide documents relating to certain goodwill and asset impairments and some restructuring and severance costs.

Time Inc. had previously announced it wanted to sell a majority stake in Essence, as well as the titles Sunset, Coastal Living and Golf outright.

Time Inc. UK was acquired by Time Inc., then still part of Time Warner, in 1998.

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.

The sale of the United Kingdom division seemed a natural, but it was not announced until revenue for the third quarter came in soft, down around 12 percent.

In its last earnings report, the company had said it expected to see sequential improvement in revenue after a 17% drop in Q2.

Time Inc. reported that magazine circulation revenue fell 12% in the second quarter and advertising revenue also fell about 12% due to the shift to digital. But it's reaffirmed its full-year OIBDA forecast of $400M-$414M, expecting cost savings and other initiatives to offset advertising.

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