Time Inc.

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Time Inc.
Type Public
Traded as NYSETIME
Industry Publication
Founded 1922
Founder(s) Henry Luce
Briton Hadden
Headquarters Time-Life Building
New York City
Key people Joseph A. Ripp
(Chairman and CEO)
Products Magazines
Parent Independent
(1922–1990, 2014–present)
Time Warner
(1990–2001, 2003–2014)
AOL Time Warner
(2001–2003)
Subsidiaries IPC Media
Website www.timeinc.com

Time Inc. is a New York-based publishing company. It publishes 130 magazines, most notably its namesake, Time.[1] Other magazines include Sports Illustrated, Travel + Leisure, Food & Wine, Fortune, People, InStyle, Life, GOLF Magazine, Southern Living, Essence, This Old House, All You and Entertainment Weekly. It also owns the UK magazine house IPC Media, whose major titles include What's On TV, NME, Country Life, Marie Claire, Wallpaper* and InStyle.

Time Inc. also owns the rights to LIFE, a well-known magazine that has been published in many different formats. Time Inc. currently owns and runs LIFE.com, a website dedicated to news and photography.

In 1990, Time Inc. merged with Warner Communications to form the media conglomerate Time Warner. This merger lasted until the company was spun off on June 9, 2014.[2]

History[edit]

In 2008, Time Inc. launched Maghound, an internet-based magazine membership service that features approximately 300 magazine titles from both Time Inc. brands and external publishing companies.[3]

On January 19, 2010, Time Inc acquired StyleFeeder, a personal shopping engine.[4]

In August 2010, Time Inc. announced that Ann S. Moore, its chairman and chief executive, would step down as CEO and be replaced by Jack Griffin, an executive with Meredith Corporation, the nation's second-largest publisher of consumer magazines.[5] In September 2010, Time Inc. entered into a licensing agreement with Kolkata-based ABP Group, one of India’s largest media conglomerates, to publish Fortune India magazine and the yearly Fortune India 500 list.[6]

On March 6, 2013, Time Warner announced plans to spin-off Time Inc. into a publicly traded company.[7] Time Warner's chairman/CEO Jeff Bewkes explained: “After a thorough review of options, we believe that a separation will better position both Time Warner and Time Inc. A complete spin-off of Time Inc. provides strategic clarity for Time Warner Inc., enabling us to focus entirely on our television networks and film and TV production businesses, and improves our growth profile. Time Inc. will also benefit from the flexibility and focus of being a stand-alone public company and will now be able to attract a more natural stockholder base."[8] It was recently announced that The Time Inc.'s spin-off plans will be put on hold until early 2014.[9] It's now being reported that the planned spin-off of Time Inc from Time Warner will take place half-way through 2014[10] with the company's planned IPO being rumored to happen in late 2014.[11] It was announced in May 2014 that Time Inc. will become a publicly traded company on June 6 of that year.[12]

Time Inc. purchased American Express Publishing Corporation's suite of titles, including Travel + Leisure, Food & Wine, Departures, Black Ink and Executive Travel on October 1, 2013.[13]

On 14 January 2014, Time Inc. announced that Colin Bodell is joining the company in the newly created position of Executive Vice President and Chief Technology Officer.[14]

On 5 February 2014, Time Inc. announced that it is cutting 500 jobs.[15] However, most of the layoffs are at American Express Publishing.[7]

See also[edit]

References[edit]

  1. ^ Time Warner: Time Inc
  2. ^ [1]
  3. ^ maghound.com
  4. ^ Wauters, Robin (19 January 2010). "Confirmed:Time Inc. buys personal shopping engine StyleFeeder". (hot topics). TechCrunch. Retrieved 19 August 2013. 
  5. ^ Carr, David (4 August 2010). "Ex-Meredith officer to be Time’s chief". The New York Times. Retrieved 19 August 2013. 
  6. ^ Goyal, Anubhav (27 September 2010). "Fortune launches Indian edition". Media Newsline. Retrieved 19 August 2013. 
  7. ^ a b Steigrad, Alexandra (5 February 2014). "Time Inc. Lays Out Restructuring". WWD. Retrieved 5 February 2014. 
  8. ^ Lieberman, David, Financial Editor (6 March 2013). "Time Warner plans to spin off Time Inc". Deadline.com. Retrieved 20 April 2013. 
  9. ^ Steel, Emily (7 August 2013). "Time Warner puts publishing unit spin-off on hold". Financial Times. Retrieved 19 August 2013. 
  10. ^ Haughney, Christine. "Time Inc. Is Preparing to Head Out on Its Own". New York Times. NYTimes.com. Retrieved 29 December 2013. 
  11. ^ Kelly, Keith. "Time Inc. IPO may be delayed until late 2014: report". New York Post. NYPost.com. Retrieved 8 December 2013. 
  12. ^ [2]
  13. ^ "Media It's Official: Time Inc. Buys AmEx's Food & Wine, Travel & Leisure Magazines". Ad Age. Crain Communications. Retrieved 11 October 2013. 
  14. ^ Everett, Teri (14 January 2014). "Time Inc. Names Colin Bodell Executive Vice President and Chief Technology Officer". Business Wire. Retrieved 14 January 2014. 
  15. ^ "Time Inc. to Cut 500 Jobs Ahead of Spinoff". The New York Times. Retrieved February 4, 2014. 

External links[edit]