- Meredith Corporation announced on Wednesday it will consider selling several key brands and cut 1,000 positions in the next 10 months.
- The news follows its $2.8 billion acquisition of Time in January.
Meredith Corporation said on Wednesday it will consider selling its Time, Sports Illustrated, Fortune and Money brands, citing differences in target audience with its other titles.
The media company also said about 200 employees have been notified that their positions have been eliminated, and 1,000 more positions will be cut over the next 10 months. The layoffs are unrelated to potential divestitures and part of Meredith's plan to cut $400 to $500 million in costs following its $2.8 billion acquisition of Time Inc. in January.
Meredith boasts reaching nearly 80 percent of millennial women with publications, like Country Life, Better Homes and Gardens and Woman's Weekly. Its roster also includes 17 television stations. Its content primarily focuses on entertainment, food, lifestyle, home, parenting, beauty and fashion.
"These are attractive properties with strong consumer reach," Meredith President and CEO Tom Harty said in a statement, referring to the brands the company would explore selling. "However, they have different target audiences and advertising bases, and we believe each brand is better suited for success with a new owner."
The announcements follow the sale of several other acquired Time properties, including Time UK and Golf.