After months of speculation, Meredith Corp announced today it has sold Time Inc. UK to private-equity firm Epiris LLP for an undisclosed amount.
The sale follows Meredith’s acquisition of Time Inc., which closed on January 31, 2018. Over the past few months, Meredith has unloaded or overseen the sale of other Time properties, as well, including Essence and Sunset.
Reported by Women’s Wear Daily, Marcus Rich, CEO of Time Inc. UK, stated: “Epiris shares the same vision for our business,” expressing an excitement for “the fresh insight they will bring as we shape our shared plans for the business in the years ahead.”
Spanning a 165-year run, Time Inc. UK is one of the country’s top media companies. Its portfolio of more than 50 entertainment, technology and lifestyle brands includes Country Life, Wallpaper* and Woman’s Weekly.
However, much like its former U.S. parent, Time Inc., the company struggled to keep up with changing media trends over the past few years, with management cutting costs erratically without a clear plan to move the company forward, according to WWD.
Chris Hanna, a partner at Epiris, stated to WWD, “At its heart, this is a diverse, robust and cash-generative business. We intend to bring clarity and simplicity to it, to focus on maximizing the potential of its high-quality portfolio.”
Per The Guardian, Time Inc. UK may sell underperforming titles and make cuts to its staff of 1,700 under Epiris’s ownership.