Report: Bidder eyes buying Time Warner magazines

(AP)—Fortune magazine is reporting that a "serious buyer" is talking with Time Warner to buy several magazines from it, including People, InStyle and Real Simple.

Wednesday's report cites unnamed people familiar with the matter and comes two weeks after the magazine unit, Time Inc., said it's cutting 6 percent of its global staff of 8,000, or about 500 people.

Companies sometimes lay off workers before selling assets to make them more profitable and attractive to buyers.

Fortune is also owned by Time Inc. and says it might not be part of a sale.

A Time Warner spokesman declined comment.

. CEO Jeff Bewkes told last week that the company was considering separating Time magazines from the rest of the company but that no decision had been made.


Explore further

Time Inc to slash hundreds of jobs

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Citation: Report: Bidder eyes buying Time Warner magazines (2013, February 13) retrieved 10 August 2022 from https://phys.org/news/2013-02-bidder-eyes-warner-magazines.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
0 shares

Feedback to editors