Time Inc., the publisher of Time, Travel & Leisure, Food & Wine, Life, and Southern Living amongst other magazines, may ask former Sony Corporation (NYSE:SNE) (TYO:6758) CEO Howard Stringer to join its board.
The spinoffs continue
By the end of June, Time Inc. will be spun off as a separate company as parent company Time Warner Inc (NYSE:TWX) continues to separate its businesses that don’t focus on increasing the revenues of Time Warner Cable Inc (NYSE:TWC) Time Warner CEO Jeff Bewkes, who took over in 2008 and recognizing that 70% of Time Warner Inc (NYSE:TWX)’s operating income came from its cable networks, nearly immediately spun off AOL, Inc. (NYSE:AOL) and Time Warner Cable Inc. Now, following a breakdown in talks to merge Time Inc. with publisher Meredith Corporation (NYSE:MDP), Bewkes is intent on letting the magazine division go it alone.
Bonhoeffer Fund's performance update for the month ended July 31, 2022. Q2 2022 hedge fund letters, conferences and more The Bonhoeffer Fund returned 3.5% net of fees in July, for a year-to-date return of -15.8%. Bonhoeffer Fund, LP, is a value-oriented private investment partnership for . . . SORRY! This content is exclusively for Read More
Following the rest of the magazine industry, Time Inc.’s quarterly sales have fallen in 22 of the last 24 periods and revenue dropped 2.4% to $3.35 billion last year. Joe Ripp, who will be CEO of the publicly traded company, will begin with a company reeling from a decline in advertising sales, $1.4 billion in debt, a paltry $100 million in cash and a junk-level credit rating. Given this daunting task, Ripp has been reaching out to numerous executives offering board positions, as he also looks to o