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Time Inc. revenue increased to $745 million in the first three months of this year, up 1% from the the period a year ago, parent Time Warner said Wednesday. Subscription dollars rose 5% to $270 million. Ad sales were essentially flat at $390 million.
If you look only at continuing operations and don't count the additional cash from American Express Publishing, revenue would have fallen 5%, with advertising down 7% and subscriptions flat.
Last March, Time Warner said it would jettison the underperforming magazine division, spinning it off into a separate publicly traded company. It's on track "to complete the spin in the next month or so," Jeffrey Bewkes, Time Warner's CEO, told investors.
Time Inc. laid off about 500 people in February, part of a restructuring that consolidated its three magazine divisions into two. The company took a $115 million restructuring charge as a result of those actions, leading to adjusted operating loss of $94 million in the first quarter.
More layoffs are expected. Time Warner said in its 10Q that Time Inc. "anticipates additional headcount reductions and real estate consolidations in the future." Time Inc. has been looking to potentially move its headquarters from midtown Manhattan to a building in Lower Manhattan or to office space in New Jersey, employees familiar with the matter have said.
Time Inc. is hosting a NewFront presentation in New York Thursday to show media buyers and marketers its digital products.