Report: Bidder eyes buying Time Warner magazinesFebruary 13, 2013 in Technology / Business
(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.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
"Report: Bidder eyes buying Time Warner magazines" February 13, 2013 https://phys.org/news/2013-02-bidder-eyes-warner-magazines.html