Time Inc. said on Friday it was looking to sell several assets, including Time Inc. U.K., and warned it experienced more-than-anticipated softness in both print and advertising revenue during the current quarter.
The publisher, which said in April that it would not sell itself, last month announced a fresh cost-cutting program, targeting $400 million in spending cuts.
The assets identified for sale include Time Customer Service and a majority stake in the Essence magazine, the company said in a regulatory filing on Friday.
The company estimated that the assets marked for divestiture represent about $488 million, or 17 percent of total revenues for the 12-months ended June 30.
A sale may be announced as early as the fourth quarter, the company said.
The New York-based publisher of Sports Illustrated, People and namesake Time said it experienced softness in both print and advertising revenue during the current quarter relative to the