Howard Stringer To Join Time Inc. Board?

Howard Stringer To Join Time Inc. Board?

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.

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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