magazine-rack

Time Inc. to sell assets amid push to move beyond magazines

Time Inc. is planning to sell some magazines or other properties as the struggling publisher tries to push ahead with a digital strategy and move past months of talks with potential acquirers.

The owner of Sports Illustrated and People will look to offload “relatively smaller” titles in its portfolio and other “non-core” assets, Chief Executive Officer Rich Battista said Wednesday on a conference call. He didn’t name the assets.

Battista added that Time is open to joint ventures with other companies and interested in an outside investor who could provide capital “for a particular opportunity.”

Last month, Time announced that it was sticking with its online strategy rather than sell itself after months of negotiations with potential suitors, including Meredith Corp. and a group including Pamplona Capital Management and Jahm Najafi. New York-based Time was said to be holding out for more than $20 a share.

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