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Report: Meredith eyes buying Time Warner magazines
LOS ANGELES (AP) - Meredith Corp., the publisher of magazines such as Better Homes and Gardens and Fitness, is talking with Time Warner about buying several magazines from it, including People, InStyle and Real Simple, according to a Fortune magazine report.
Wednesday’s report cited unnamed people familiar with the matter and comes two weeks after the magazine unit, Time Inc., said it’s cutting 6 percent of its global staff of 8,000, or about 500 people.
Companies sometimes lay off workers before selling assets to make them more profitable and attractive to buyers.
Fortune is also owned by Time Inc. and says it might not be part of a sale.
“There’s tremendous resilience in the national magazine publishing business, but advertising demand is secularly not so strong. It’s down a bit,” Bewkes said. “The question of whether we ought to put that into a different frame is one we’ve been asking.”
He added that Time Warner officials “at this point have not decided to do something like that. But we will keep investigating that.”
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