Time, Sports Illustrated, Fortune and Money magazines up for sale in US as new owner says they are 'better suited' elsewhere

The owner of Time Inc in the US is looking to sell Time, Fortune, Sports Illustrated and Money magazines, saying the titles are “better suited for success with a new owner”.

Meredith bought Time Inc in November last year for $2.8bn (£2bn).

Last month it sold Time’s UK arm, which publishes about 50 titles including Woman’s Weekly and the now online-only NME, to a London-based private equity firm for an undisclosed sum.

Meredith, which has a portfolio of lifestyle magazines and local broadcasters in the US, said it had decided to “explore the sale” of the four brands following a review of its portfolio of titles.

The company’s chief executive Tom Harty said the titles were had a “strong consumer reach,” but he added: “They have different target audiences and advertising bases, and we believe each brand is better suited for success with a new owner.

“We are pleased with the inbound interest we have received, and we are confident these brands will be positioned for growth with an owner that shares Meredith’s respect for editorial integrity and independence.”

Meredith said it would not comment further “until potential agreements have been reached”. The company also recently sold Golf magazine.

As part of its plans to make up to $500m in “cost synergies”, by removing duplication and consolidating operations following the buyout, Meredith has announced major staffing cuts.

The company said in a statement that 200 employees had already been told that their “positions have been eliminated”. Another 1,000 positions are also set to go over the next ten months.

Meredith is set to unveil a new sales and marketing strategy this month that it said “fully leverages its new powerful media portfolio”.

Harty said: “No-one in the media marketplace can come close to offering such a full range of multi-platform powerhouse brands.”

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