American magazine giant Time Inc has quashed rumours that it is looking to offload its UK arm, IPC Media, which it bought for £1.1bn in October 2001.
In an interview with the Times, Time Inc chief executive Ann Moore praised the work of IPC chief executive Sylvia Auton, adding: “We are very pleased – three out of her last four launches have been hits.”
The group has also warned that it looks set to miss its digital revenue growth target of 53 per cent for 2008 – with print advertising also taking a hit, down nine per cent year-on-year in the second quarter of 2008.
Digital revenue – which makes up about 15 per cent of Time Inc’s total turnover – rose 73 per cent last year.
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