NEW YORK — Magazine publisher Time Inc. reported financial results for its first quarter ended March 31, 2017. Revenues were down 8% and the company said it would cut its quarterly dividend from 19 cents per share to 4 cents.
Total revenues decreased $54 million or 8% in the first quarter of 2017 from the year-earlier quarter to $636 million, primarily reflecting declines in Print and other advertising revenues and Circulation revenues.
Time Inc’s brands include People, Time, Fortune, Sports Illustrated, InStyle, Real Simple, Southern Living, Entertainment Weekly, Food & Wine, Travel + Leisure and Essence.
Time Inc. President and CEO Rich Battista said, “In the first quarter of 2017, we made important progress on our strategic plan despite continuing challenges with print advertising revenues. We are taking strategic actions and focusing on key initiatives to put the Company on the right course for the future. We are creating a more vibrant and valuable platform for our advertisers and consumers, further enhancing financial flexibility, aggressively reducing our cost base, rationalizing our portfolio and continuing to invest in transformational growth initiatives. Importantly, our Board of Directors’ April 28 announcement affirming our strategic plan has removed a major distraction for our people and advertisers. While we have a lot of work to do, Time Inc. is very well positioned to emerge as a winner in the rapidly changing consumer and media marketplace.”
Sports Illustrated reportedly cut five employees from its staff last week as the company looks to streamline operations.
Last month, Time Inc. said it had received offers to purchase the company but decided not to pursue them and continue its own strategic plan.