[REUTERS] Time Inc (TIME.N) said on Friday it was looking to sell several assets, including Time Inc UK, 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, said assets identified for sale include Time Customer Service and a majority stake in the Essence magazine.
The assets marked for divestitures represent about $488 million, or 17 percent of total revenue for the 12-months ended June 30, the company said.
A sale may be announced as early as the fourth quarter, the company said in a regulatory filing on Friday. bit.ly/2xkudm5
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 forecast issued during the second-quarter earnings call.