Meredith Close to Selling Sports Illustrated, Fortune and Money Magazines as it Sheds 4,500 jobs, CEO Says
Meredith Corp. expects to sell three marquee publications by the end of the year as part of its major acquisition of Time Inc., moves that will cut the overall workforce nearly in half, executives told investors Wednesday.
Meredith plans to shed Sports Illustrated, Fortune and Money magazines by the end of 2018. And it has buyers, CEO Tom Harty said.
"Inbound interest for these brands has been strong, with initial interest from more than 100 bidders," Harty said at the Deutsche Bank Leveraged Finance Conference in Arizona. "We have narrowed the bidding pool down to a much smaller group."
The Des Moines-based publishing giant has sought buyers for various titles since it acquired the Time Inc. portfolio in January. Meredith's motivation for the $2.8 billion merger largely reflected a desire to scale its business.