Time Inc (NYSE:TIME) is struggling with print media and will be publishing fewer copies of certain magazines as a result.
The cutbacks will hit many of the magazines that Time Inc currently publishes. This includes Fortune, Sports Illustrated and Time itself. The following is a breakdown of changes reportedly coming to magazine’s that TIME publishes.
- Time — The company’s flagship magazine will reduce publication to 2 million copies per issues instead of 3 million.
- Fortune — This reduction will bring the magazine down from 16 issues per year to 12.
- Sports Illustrated — The athletic magazine is cutting back from 38 issues per year to 27.
- People en Español — Each issue will have 500,000 copies printed, which is down from the previous 540,000. It will also only publish nine issues per year instead of 11.
- Money — This magazine will reduce its yearly releases from 11 issues to 10.
- Entertainment Weekly — The media coverage publication will decrease yearly issues from 38 to 34.
- Essence — The changes here will have this magazine only release 10 issues a year instead of 12.
- Sunset — This magazine will drop from 12 issues per year to 11.
The reduction in magazine printing from Time Inc is set to take place at the start of 2018. The company is moving froward with this plan in an effort to cut costs. However, it will still result in a drop in revenue. To help counteract this, TIME is looking to publish magazine for digital publications, reports New York Post.
Time Inc’s decision to reduce magazine publication takes place as more people look online for their news. The publication has seen its revenue fall for five years in a row and it is expecting it to decline again in 2017.
TIME stock was down 1% as of Wednesday morning and is down 28% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
