Time Inc shares drop on debut after Time Warner split

Time & Life building Time Inc will move out of its long-time home - the Time & Life building - later this year

Related Stories

Shares in newly spun-off Time Inc - publisher of magazines including Time, People and Fortune - plunged 4% in their debut on the New York Stock Exchange.

Last year, parent Time Warner decided to spin off the publisher in order to focus on its entertainment businesses.

Time Inc has approximately 90 magazines and 45 websites.

It is also saddled with approximately $1.3bn (£773m) of debt, which could be weighing on investors.

As recently as 2006, Time Inc produced about $1bn in earnings. However, current earnings are closer to $370m.

That has forced the publisher to lay off hundreds of workers in an effort to trim costs.

It is also moving out of its long-time home - the Time-Life building in midtown Manhattan - to a less expensive location downtown later this year.

Several media conglomerates, including Rupert Murdoch's News Corporation, have spun off their underperforming print news businesses in an effort to save money in recent years.

Time Magazine was founded in 1923 by Henry Luce and it is the oldest news magazine in the US.

More on This Story

Related Stories

More Business stories

RSS

Features

  • Mukesh SinghNo remorse

    Delhi bus rapist says victim shouldn't have fought back


  • Aimen DeanI spied

    The founder member of al-Qaeda who worked for MI6


  • Man in pollution mask in BeijingSmog storm

    Chinese climate film inspired by baby's tumour goes viral


  • This Chinese character has taken China's internet by stormDuang duang duang

    China goes crazy for Jackie Chan's mystery word


From BBC Capital

Programmes

  • 3D model of Christ the Redeemer statueClick Watch

    Using drones to 3D map the famous Brazilian landmark Christ the Redeemer

Try our new site and tell us what you think. Learn more
Take me there

Copyright © 2015 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.