Report: Time Warner in Talks to Sell Magazine Unit

Time Warner may be in talks to sell off Time Inc. as revenues at the publishing unit's advertising and circulation revenues continue to decline.

Citing three unnamed sources, Fortune (which is owned by Time Inc.), reports that a "serious buyer" is in talks to acquire the division, which is the nation's largest magazine publisher and accounts for a little more than 11% of Time Inc.'s $28.7 billion in annual sales. The New York Times identified the potential buyer as Des Moines-based Meredith Corp., publisher of Homes and Gardens and Ladies' Home Journal.

Details about which of its 21 magazines will be sold off and at what price are scant. According to Fortune, Time Warner may hold on to…
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