'Time' Will Tell, Takes Itself Off The Block -- For Now

Magazine publishing giant Time Inc. published a statement this morning ending speculation that it is on the block and may be sold soon.

While acknowledging talks with a “number of expressions of interest,” the statement said Time Inc. had not “initiated the process” and that it will “pursue” its own strategic plan.

It did not outline explicitly what that plan might be, or whether it could ultimately lead to a sale, but CEO Rich Battista stated: “We strongly believe in the future and potential of this company,” implying the plan is to keep it a free-standing company in the future.

He added that Time Inc. would continue an “aggressive reengineering” of its costs, while reinvesting in its publishing brands and focusing on winning an increasing share of advertising budgets.

Noting that Time Inc. is on target to top more than $600 million in “profitable digital ad revenues” this year, which will grow to “$1 billion over the course” of its new strategic plan, Battista asserted: "Advertisers are looking for fewer, bigger partners,” such as Time Inc.



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