Time Inc to sell off British business and magazines

Tue, 26 Sep 2017 | DIVISION SALE

New York-based publisher Time Inc is set to put up its British business and several magazines, including NME, Marie Claire and Horse & Hound, up for sale in order to cut costs.

Time announced last week that it was hoping to sell many of its assets after telling investors that revenues had fallen across the last quarter, with both sales and advertising delivering unexpectedly poor results - a 17 per cent drop in performance.

Alongside its portfolio of UK titles, which also includes the TV Times, Wallpaper, Country Life and Woman’s Own, Time has also identified its customer service wing and a majority stake in Essence Magazine for sale. The total value of assets earmarked for offload sits at around $488 million (£363 million), or 17 per cent of Time’s total revenues for 2017.

The publisher’s management said it hoped that selling the assets would “improve its capital structure and optimise its asset portfolio”.

Time’s British division, formerly known as IPC Media before being renamed Time Inc UK, houses many of the country’s biggest magazine publishers. The IPC brand was created in 1963 as the then International Publishing Corporation was founded as a holding company for the Mirror Newspaper and other magazine publishers.

IPC Magazines was created 5 years later and eventually bought by Reed International, another publisher, in 1974, before being taken on by Time Inc in 2001.

Time’s quarterly reports reveal that the company’s magazine circulation revenue fell by 12 per cent in the quarter to June 30, while advertising revenue fell by 12 per cent as advertisers and readers continue to look online.

One of Time’s leading British titles, music news magazine NME, recently transformed into a free title in order to overcome circulation and sponsorship issues.

The sale of its British business comes as other print publications struggle in an increasingly online marketplace: earlier this week the owners of Rolling Stone also announced that the title was up for sale.

Find a business for sale.
Subscribe to the Business Sale Report.


Share this article



Latest Businesses for Sale

Wood Burning Stoves Retailer
North Yorkshire, Yorkshire and the Humber, UK

Lifestyle wood burning stoves retailer, iInstaller and wholesaler: Includes stones and reclaim / salvage business. This is a well established family business within the fashionable and lifestyle choice sector of wood-burning stoves. These stoves are...

Asking Price: £165,000
Turnover: £746,000

LEASEHOLD


Fireplace Surround Business
West Midlands, UK

Renowned and respected business, favoured by customers for its unique product offering and its excellent service. Established in 1990, the business has overcome several recessions, continually growing its reputation, workload and customer base. The c...

Asking Price: £750,000
Turnover: £750,000

LEASEHOLD


Garden Machinery Lawnmowers Tool Hire Business
North Wales, Wales, UK

Garden machinery, tool hire, lawnmower sales and repair business, ideally situated within a popular residential area in North Wales. The business is split over two sites, one is a retail unit with workshop, close to the town centre, whilst the larger...

Asking Price: £225,000
Turnover: £310,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
17
 
Nov
 

Warm Zones enters administration | ADMINISTRATION

A North Shields-based non-profit business dedicated to helpi...

 
15
 
Nov
 

Berketex Bride enters administration | ADMINISTRATION

With over 50 years in selling wedding dresses, Berketex Brid...

 
13
 
Nov
 

Intermet Refractories completes MBO deal | MBO/MBI

Intermet Refractories, a metal casting component manufacture...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
17
 
Nov
 

Warm Zones enters administration | ADMINISTRATION

A North Shields-based non-profit business dedicated to helpi...

 
15
 
Nov
 

Berketex Bride enters administration | ADMINISTRATION

With over 50 years in selling wedding dresses, Berketex Brid...

 
13
 
Nov
 

Intermet Refractories completes MBO deal | MBO/MBI

Intermet Refractories, a metal casting component manufacture...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources