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Time Inc shares tumble as publisher announces asset sale

Time Inc. signage is displayed in the lobby of the company's new headquarters in New York.
Michael Nagle | Bloomberg | Getty Images
Time Inc. signage is displayed in the lobby of the company's new headquarters in New York.

Time Inc announced Wednesday that it would be selling assets as it tries to continue pursuing its long-term plan to cut costs and increase its presence in online media, sending shares tumbling in afternoon trading.

The CEO said in an earnings call that Time is looking to sell some of the smaller, non-core titles under the umbrella. The big names, like Sports Illustrated and People, are likely safe for now.

Shares of Time fell over 14 percent Wednesday.

Five-day performance of Time Inc

Earlier in the day, the publisher slashed its dividend and reported that revenue fell 8 percent, its fourth straight quarterly decline. Time also reported a loss of 18 cents per share, while analysts polled by Thomson Reuters had expected a loss of 15 cents a share.

The company, which was exploring a potential sale of the entire business, decided recently to continue pursuing its strategy on its own. The company's shares are currently trading at $12.92, over 28% lower than the $18-per-share buyout offer that Time rejected in November.

Reuters contributed to this report.