Meredith group to sell several publications, such as Time, Fortune and Sports Illustrated

American media and marketing group Meredith, which acquired Time Inc., for USD 2.8 billion, at the end of November 2017, has announced to sell Time, Fortune and Sports Illustrated, according to AFP.

Meredith also announced this Wednesday a financial plan that allows to the reduction of annual costs by USD 400-500 million in the first two years after the take over of Time Inc.

The plan also implies the elimination of 1,200 jobs, in addition of the already 600 existing ones.

Besides Time and Fortune, Meredith announced the sale of publications Sports Illustrated and Money, mentioning that it already received offers, without offering other details.

According to 2016 report issued by Time Inc., Time had an average  number of 3 million copies, as well as Sports Illustrated, while Money had an average number of 1.55 million of copies and Fortune had 830,000 copies.

Read more about

The Essential IT Services Every Business Needs (and How an MSP Can Help)

read more

Meredith still keeps the most popular title Time Inc., People, which has an average number of 3.4 million copies.

The rest of the portfolio inherited from Time Inc. includes publications of niche.