It’s about Time – June 2014 M&A Activity
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The newest old company, Time Inc., was very busy in June. The venerable publisher of magazines, including household names such as Time, Fortune, People, and Sports Illustrated, was spun off from Time Warner, separating the aging print-centric parent from its progeny’s profitable entertainment and programming businesses. As its retirement gift, the new Time Inc. has been saddled with $1.3 billion of debt, as well as responsibility for a group of underperforming British magazines. With more than 90 titles in print, Time Inc. is challenged by the continuing and steady decline in magazine circulation which in turn has driven revenue down for 22 of the last 24 quarters.
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