Time Inc.’s Q2 Ad Revenues Decline 10 Percent
With its parent Time Warner reporting a second-quarter earnings decline of 26 percent on Wednesday, Time Inc. continued to struggle as well, as advertising revenues fell 10 percent, led by magazines including Time and Sports Illustrated.
Many of Time Warner’s woes are being attributed to a lackluster performance by its AOL online unit, but contributions from the company’s publishing unit have not helped.
Still, Time Warner CEO Jeff Bewkes told investors on Wednesday’s conference call that he believes the second quarter will be a low-water mark, and that though the company is currently faced with “a challenging economic environment,” it is “on track to achieve our business outlook.”
The company also said its full-year financial goals remain the same on the strength of revenue gains by its film, cable and networks divisions.