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Time Inc.

On January 31, 2018, Meredith Corporation completed its purchase of Time Inc. for $2.8 billion. The deal was first announced on November 26, 2017.

Time Inc. was a leading American magazine publishing company. It owned many large circulation consumer magazines including Time Magazine, People Magazine, Sports Illustrated, Fortune Magazine, and Entertainment Weekly. With over 100 magazines, Time Inc. was the largest magazine publisher in the United States and in the United Kingdom through its subsidiary Time Inc. UK (formerly known as IPC Group Limited).

Time Inc. was a division of Time Warner Inc. until June 9, 2014, when it was spun off as an independent company. Time Warner distributed all outstanding shares of Time Inc. common stock to Time Warner shareholders.

The company began with the founding of Time Magazine in 1923, by Briton Hadden and Henry Luce. The two men had worked together previously at Yale University, with Hadden and Luce serving as chairman and managing editor, respectively, of the Yale Daily News.

While Hadden died several years after the founding of Time, Luce went on to be a very influential and successful figure in 20th century American publishing. He served as editor-in-chief of Time magazine until 1964, and created Fortune and Life magazines among many others. Luce was an influential member of the Republican party and, having been born in China, had an intense interest in Chinese politics. He supported the Chinese nationalist Chiang Kai-shek in his losing struggle against the communist Mao Zedong (Mao Tse-Tung).

In the 1970s and 80s, Time Inc. developed the Home Box Office and Cinemax pay television channels.

In 1990, Time Inc. and Warner Communications (now Warner Bros.) merged to form Time Warner Inc. The combination was undone on June 9, 2014, when Time Inc. was spun off and became an independent company again. Eager to be rid of the struggling print businesses of Time Inc., Time Warner chairman Jeff Bewkes stated that it wanted to be "the world's leading video content company."

On January 25, 2007, Time Inc. sold 18 magazines to the Bonnier Magazine Group subsidiary of Bonnier Corporation, a Swedish publishing company with operations worldwide. The magazines sold were from Time Inc.'s Parenting Group and Time4 Media, Inc. subsidiary. The Parenting Group publications included Parenting magazine, and Time4Media magazines included Ski magazine, Skiing magazine, Field & Stream, Outdoor Life and Yachting magazine. The transaction was valued at over $200 million.

On October 1, 2013, Time Inc. bought the consumer magazines of American Express Publishing Corporation, including Food & Wine, Travel + Leisure, Departures, Black Ink and Executive Travel.

American magazines owned by Time Inc. at the time of the sale to Meredith included:

All You Magazine
Business 2.0 Magazine
Coastal Living Magazine
Cooking Light Magazine
Departures Magazine
Entertainment Weekly Magazine
Executive Travel SkyGuide Magazine
Food & Wine Magazine
Fortune Magazine
Freeze Magazine
Golf Magazine
Health Magazine
InStyle Magazine
Life Magazine
Money Magazine
Mutual Funds Magazine
People Magazine
People En Espanol Magazine
Real Simple Magazine
Senior Golfer Magazine
Southern Accents Magazine
Southern Living Magazine
Sports Illustrated Magazine
Sports Illustrated for Kids Magazine
Teen People Magazine
Time Magazine
Today's Homeowner Magazine
Travel + Leisure Magazine



 
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Comments

Comments to date: 27. The most recent comments are below.

Mondo Times editors from Boulder, Colorado USA
Posted on November 27, 2017

Meredith Corporation Will Buy Time Inc.

-- November 26, 2017: Time Inc. and Meredith Corporation announced today that Meredith will acquire Time for a total value of approximately $2.8 billion.

The publisher of major American magazines such as Time, Fortune and Sports Illustrated, Time Inc. has struggled for years with declining sales and profits. Meredith has fared much better due to its focus on more highly targeted magazine titles (Parents, Eating Well, American Baby) and ownership of local broadcast television stations.

A cash infusion from Charles G. and David H. Koch, the billionaire brothers known for supporting conservative causes, helped make the deal possible. Koch Equity Development, a private equity fund controlled by the Koch brothers, will contribute $650 million to the deal. Meredith contends that the Kochs will have no influence on Meredith's editorial or managerial operations.

Media Owners editors from Boulder Colorado USA
Posted on May 11, 2011

-- May 10, 2011 -- Perry Solomon is now VP, digital business development at Time Inc. He was previously VP, business development, new digital media at News Corporation.

Media Owners editors from Boulder Colorado USA
Posted on April 11, 2011

-- April 6, 2011 -- Cyndi Stivers, a digital development exec in the Style and Entertainment Group at Time, Inc., has left the company. She will continue to work with the company as a consultant.

Media Owners editors from Boulder Colorado USA
Posted on February 24, 2011

Griffin Firing Baffles Buyers

-- Industry left wondering what ouster says about Time Inc., Adweek magazine reported on February 23, 2011:

"Six days after Time Inc. CEO Jack Griffin was fired, an informal survey of media buyers shows there's a lot of bafflement over Griffin’s sudden ouster.

"I was shocked," Scott Daly, executive vice president, executive media director at Dentsu America, said by e-mail. "I had heard nothing but positive feedback from my sales contacts at Time Inc. (up through the publisher level). Splitting the news and sports groups made complete sense (esp. for sports). I thought the Randall Rothenberg hire was inspired and spoke to their digital commitment/transformation."

Rothenberg, whom Griffin hired as chief digital officer, decided to leave the company after his boss was fired. He’s returning to his old job at the Interactive Advertising Bureau.

Some saw Griffin's ouster in terms of a culture clash between the insular Time Inc. and Griffin, a rare example of a Time Inc. CEO who came from the outside.

"It's a strong culture, and seeing someone come in quickly and leave quickly doesn’t surprise me at all," said Peter Gardiner, partner, chief media officer, Deutsch."

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Media Owners editors from Boulder Colorado USA
Posted on February 21, 2011

On February 18, 2011, former Time Inc. CEO Jack Griffin issued a statement regarding his exit from the company after only a few months on the job:

"I was recruited and hired by Time Warner to lead the business transformation of Time Inc., based on my clear record of success and results in the industry. This continued at Time Inc., with the consistent and documented acclaim of Time Warner's senior management. Every action I took over the past six months was made with that ultimate goal in mind. My exit was clearly not about management style or results. I leave behind a first rate team and wish them all the best of success."

Mondo Times editors from Boulder Colorado USA
Posted on February 18, 2011

Jack Griffin Out as Time Inc. CEO

-- 'Leadership style and approach did not mesh with Time Inc.,' says Time Warner CEO, Advertising Age reported on February 17, 2011:

"Time Warner Inc. said late Thursday that Jack Griffin, the chairman and CEO of its Time Inc. magazine unit, is leaving after less than five months on the job.

"Although Jack is an extremely accomplished executive, I concluded that his leadership style and approach did not mesh with Time Inc. and Time Warner," Time Warner CEO Jeff Bewkes said in a memo to Time Inc. employees.

Mr. Griffin declined to comment. Executives familiar with the situation said Mr. Griffin's strategy was on target but his management style had occasionally proven grating enough to become a distraction for some employees.

Mr. Bewkes told Time Inc. employees on Thursday that their company would be run on an interim basis by editor in chief John Huey, Time Inc. chief financial officer Howard Averill and general counsel Maurice Edelson."

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Media Owners editors from Boulder Colorado USA
Posted on February 18, 2011

-- February 18, 2011 -- Fran Hauser has been promoted to president of digital for Time Inc.'s style and entertainment and lifestyle groups.

Media Owners editors from Boulder Colorado USA
Posted on February 10, 2011

Time Inc's Rothenberg: No 'One-Size-Fits-All Model' For Subscriptions

-- HP up first, the Guardian newspaper's paidContent.org reported on February 9, 2011:

"The iPad may be the biggest tablet game in town but it's not the only one and Time Inc.'s digital publishing strategy reflects it. The new Hewlett Packard WebOS TouchPad tablet will launch with Time, Fortune, People and Sports Illustrated, the Time Warner Inc. publishing unit's top titles, for subscription: an option the iPad doesn't yet have. "Time Inc. is going to be extremely involved in the marketplace," Randall Rothenberg, who took part in today's HP announcement, promised in his first interview as chief digital officer.

There are going to be more devices and operating systems, he added. "Our goal is to play with all of those that will have us. We don't believe in a one-size-fits-all model around subscriptions.""

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