September 22, 2017 Last Updated 8:16 am

Time Inc. adds UK portfolio to those targeted for sale, says Q3 revenue will come in soft

The UK division, once known as IPC, was acquired in 1998, and currently accounts for around 17 percent of total revenue for the struggling publishing company

Time Inc. said today that it would be looking to sell Time Inc. UK, adding the portfolio to the list of properties the company has already said it would want to divest. The announcement came via an SEC filing where the company said the it “experienced softness in both print & other advertising revenues and digital advertising revenues relative to the expectations communicated on its second quarter earnings call.”

Time Inc. had previously announced it wanted to sell a majority stake in Essence, as well as the titles Sunset, Coastal Living and Golf outright.

Time Inc. UK was acquired by Time Inc., then still part of Time Warner, in 1998. At the time the publisher was still called International Publishing Corporation, but referred to as IPC. Its portfolio is made up of some 50 brands and accounts for about 17 percent of Time Inc. revenue, about $488 million.

The sale of the UK division seemed a natural, but it was not announced until revenue for the third quarter came in soft, down around 12 percent.

Current management, led by CEO Rich Battista, has signaled that the company wants to shift to video and broadcast media, built around its big brands. To fund this, and to eliminate debt loaded onto the company after its spin off from Time Warner, it is willing to sell some assets. But the effort is looking to be haphazard, and less strategic than one might expect from such a large company.

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