Meredith, which acquired Time Inc properties, is no longer considering a sale of Money. Adweek reports the title will stay with Meredith — and become a digital-only property.
Its last print issue will be June/July.
Though the company once felt Money — in addition to Time, Fortune and Sports Illustrated, which is still being shopped — didn’t fit in with its portfolio of brands/ However, Meredith revisited how Money might boost its existing titles as a digital-only property.
The company had previously planned to finalize the sale of those brands by the end of last summer ,before revising expectations with the hope of selling by the end of last year.
A spokesperson told Adweek: “We are going to invest in the digital money.com brand site itself, as well as leverage the Money content across our portfolio.”
Money’s digital numbers have varied, with 11.5 million visitors in February 2018 —a high— and only 5.2 million visitors in March of this year, per Comscore numbers reported by Adweek.
With its sales of Time and Fortune, Meredith used the funds to pay down debt.
The release of its Q2 2019 revenue report in February showed the company on-pace to reduce debt according to an aggressive timeline it released last year. The report also noted revenues across its National Media Group increased by 140% over the year prior to $591 million. This number did not include Time, Fortune, Sports Illustrated, Money or Viant.
For tune was sold to businessman Chatchaval Jiaravanon, owner of Fortune Media Group Holdings Limited, for $150 million cash late last year. Just prior to that deal, Meredith finalized its sale of Time to tech billionaire Marc Benioff and his wife Lynn Benioff for $190 million in cash.
Since its sale, Time has been boosting its editorial staff, revealing plans to take on 25 new hires with 20 of those in editorial roles. Last week, Time EIC-CEO Edward Felsenthal announced the promotion of longtime editor Sam Jacobs to the position of deputy editor in a memo to employees. The outlet also added senior editors Tina Susman and Lori Fradkin.