Deals
Time Magazine, Fortune Put Up for Sale by New Owner Meredith
- Publisher cuts 200 jobs and plans to eliminate 1,000 more
- Meredith CEO ‘pleased’ with interest from potential buyers
Time magazine copies are dispalyed on a table in Washgington on November 27, 2017.
Photographer: Eric Baradat/AFP via Getty Images
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Meredith Corp., which bought Time Inc. and its stable of magazines in January, plans to sell the flagship publication, Sports Illustrated, Fortune and the Money brand after completing a review of the $1.8 billion deal.
The company also plans to eliminate about 1,000 jobs over the next 10 months as it integrates other Time publications into a lineup that includes Better Homes & Gardens and Family Circle, according to a statement Wednesday. The cuts are on top of firing notices given to 200 employees, the company said.