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Time Inc. sells 18 smaller magazines to Swedish publisher Bonnier Magazine Group

Time Inc. sells 18 smaller magazines to Swedish publisher Bonnier Magazine Group

Magazine publisher Time Inc. said Thursday it is selling 18 of its smaller titles including Popular Science, Field & Stream and Parenting to Swedish publisher Bonnier Magazine Group.
The sale marked the latest effort by the magazine company to restructure its business and adapt as readers and advertisers increasingly look to the Internet for news, entertainment and information.
Bonnier said the acquisition will make the company and its U.S. magazine partner, World Publications, one of the largest consumer publishing groups in the U.S. with 40 titles and annual revenue of more than $350 million (euro270 million).
Bonnier owns a 49 percent stake in World Publications. World's magazines include Spa, Saveur, and Islands.
Time Inc. originally put the magazines up for sale last fall, and the sale had been widely expected. The sale price was between $220 million (euro169.5 million) and $230 million (euro177.2 million), according to two people familiar with the transaction who spoke on condition of anonymity because the financial terms have not been officially disclosed.
The 18 titles are part of Time's Parenting group and Time4 Media.
Time said all of its editorial staff will remain at their current offices, primarily in New York, California and Colorado.
Like other magazine publishers, Time Inc. has been struggling amid the rapid changes occurring in reading habits and advertising spending as the Internet comes into its own as an advertising medium.
Time Inc. reported a 5.9 percent decline in profits for the nine-month period ending last September compared with the same period a year ago, as revenues slipped 0.6 percent.
The company has also sold off a book publishing division and said last week that it would eliminate nearly 300 jobs across its entire company. As part of those cuts, Time Inc.'s flagship publication, Time, will close its bureaus in Atlanta, Chicago and Los Angeles, although three correspondents will remain in Los Angeles and work from their homes.
The acquisition is subject to regulatory approval.
The family-owned Bonnier Group has been a dominant presence in Swedish media for decades. It owns Sweden's largest morning daily, Dagens Nyheter, the country's largest business paper, and several other newspapers. It also owns Sweden's largest chain of movie theaters.
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AP Business Writers Michelle Chapman and Peter Svensson contributed to this story.


Updated : 2020-12-02 18:11 GMT+08:00