As challenges for magazines persist, Time Inc begins anew
Published on Jun 9, 2014 12:30 PM
(REUTERS) - Time Inc, the magazine company that is home to People, Sports Illustrated and Time, will begin trading on the New York Stock Exchange on Monday as print based companies face serious hurdles.
Led by Chief Executive Joe Ripp, Time Inc is spinning off from its parent Time Warner Inc and will operate as a stand-alone public company no longer buffered by its lucrative cousins, pay-TV channel HBO or movie studio Warner Bros.
The move comes as magazines are beset by declining circulation and advertising revenue as consumers shift to reading on smartphones and tablets.
The magazine unit has been slashing jobs over the years - in 2013 it cut about 600 positions - a trend that will likely continue as Wall Street scrutinizes costs. The company employs approximately 7,800.
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