Headquarters: 1271 Avenue of the Americas
New York, NY 10020
CEO: Joseph Ripp
Stock Symbol: TIME
Time Inc. is the leading publisher of magazines in the U.S. with well-known titles including Time, Sports Illustrated, Fortune, People, Entertainment Weekly, InStyle, Real Simple and Travel and Leisure.
Time Inc. UK is also the leading magazine publisher in the United Kingdom.
There are 50 editions of Time Inc. magazines licensed in over 30 countries worldwide from Germany to Turkey and China. Time Inc. reaches over 120 million people in print and online.
In June 2014, Time Inc. was spun off by parent company Time Warner into a separate publicly-traded company. Time Inc. has seen revenues decline in advertising and magazine sales due to the rise of the Internet and smartphones and tablets.
For 2014, Time Inc. reported revenues of $3.28 billion, down 2% from the previous year. Net income was $87 million.
Subscription revenues were down 5% in 2014 and newsstand revenues were down 8%.
Time Inc.'s Chairman and CEO, Joe Ripp said, "Over the past year, we've been fundamentally re-engineering the business, and re-positioning our company for its return to growth. We have made significant progress toward the transformation of the cost structure, and successfully protected our margins and cash flows. We accelerated the growth and monetization of our digital audiences. We also became a stand-alone public company for the first time since January 1990. As we look forward, we expect 2015 to be a pivotal year as we launch a portfolio of growth initiatives. One of the unique sources of upside for Time Inc. is the ability to extend our powerful brands into new revenue streams. We are very excited by the opportunities provided by our brands."
The company has cut about 900 jobs over the past year.
The history of the company originates to Briton Hadden and Henry Luce, who co-founded Time Magazine in 1923 as the first weekly newsmagazine to help keep readers better informed. Luce was an influential figure who became editor and business manager of the magazine. He would go on to acquire Fortune magazine in 1930, Life magazine in 1936 and launched Sports Illustrated in 1954.
People launched in 1974 and became the company's most successful and profitable magazine.
Entertainment Weekly was launched in 1990 and InStyle made its debut in 1994.
Time Warner was created with the merger of Time Inc. with Warner Communications in 1990. The company would acquired Turner Communications in 1996 which operated cable news channel CNN and was owned by Ted Turner.
In 2013, Time Inc. bought American Express Publishing, giving the company ownership of Food and Wine and Travel + Leisure magazines.
Company benefits include:
- Medical, vision and dental plans, including coverage for family members and same-sex domestic partners
- Life insurance
- Short- and long-term disability plans
- Paid time off
- Flexible Spending Accounts and Transit Reimbursement Account
- Competitive retirement program, including 401(K)
- Bonuses when referrals are hired