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Time shares jump after Jana Partners reveals stake

Time Inc. CEO Joe Ripp (2nd L) claps after ringing the bell to open trading at the New York Stock Exchange
Carlo Allegri | Reuters

Shares of Time popped more than 5 percent after Jana Partners revealed a share stake in the media company.

The investment manager Jana Partners has taken a sole share stake of about 5 million shares in Time, according to an SEC filing Monday.

The company reported second-quarter adjusted earnings of 22 cents per share on revenue of $749 million earlier this month. For the second-quarter "total advertising rose 1 percent with print down 13 percent and digital up 54 percent," said a Gabelli & Company analyst in a company note.

Shares of Time have dropped almost 8 percent so far this year.