Time Inc. is trying to sell 3 magazines as a part of its turnaround plan
(Golf.com)
Time Inc. is trying to sell Coastal Living, Sunset and Golf magazines, CEO Rich Battista told Bloomberg in an interview Tuesday.
The move comes on the heels of the company cutting its global staff by 300 employees as part of a restructuring plan, just last month, following up with it announcing that it was looking to sell a majority stake in Essence last week.
The company embarked on the plan after deciding not to entertain buyout offers for the entire company in April.
It said that the ongoing strategy would include a big digital push as well as “portfolio rationalization” — essentially asset sales.
Time Inc. has hired management consulting firm McKinsey & Co. to try to figure out what stays and what direction the company should go in moving forward, the Post had reported.
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