Following a $2.8 billion acquisition of Time, Meredith Corporation announced on Wednesday it would consider selling several key brands, including TIME, Sports Illustrated, Fortune and Money, citing differences in target audience and advertising base.
The media company also plans to lay off an estimated 1,200 staff members.
"Today we are announcing we have completed our portfolio review and decided to explore the sale of the TIME, Sports Illustrated, Fortune, and Money brands," Meredith President and CEO Tom Harty said in a statement.
"These are attractive properties with strong consumer reach. However, they have different target audiences and advertising bases, and we believe each brand is better suited for success with a new owner," he added.
Meredith boasts reaching nearly 80 percent of millennial women with publications, like Country Life, Better Homes and Gardens and Woman's Weekly. Its roster also includes 17 television stations. Its content primarily focuses on entertainment, food, lifestyle, home, parenting, beauty and fashion.
The announcements follow the sale of several other acquired Time properties, including Time UK and Golf.
"We are confident these brands will be positioned for growth with an owner that shares Meredith's respect for editorial integrity and independence," Harty said in a statement.
Concerning layoffs, approximately 200 employees have already been terminated, and an estimated 1,000 additional positions are expected to be eliminated in the coming 10 months.
The lay offs are part of Meredith's plan to cut $400 to $500 million in costs following the Time acquisition.
