Meredith Corp. is planning to sell several media assets and eliminate about 1,200 positions.
The company, which completed its acquisition of Time Inc. in January, is exploring the sale of the TIME, Sports Illustrated, Fortune and Money brands. "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," Meredith President and CEO Tom Harty said in a March 21 statement.
The announcement follows the sale of other acquired Time Inc. properties, including Time Inc. (UK) Ltd. and Golf.
Additionally, the company said it has eliminated about 200 positions, with 1,000 more to be slashed over the next 10 months. The media company said the job cuts were part of its plan to realize between $400 million and $500 million of cost synergies from the Time Inc. acquisition. Meredith previously announced the elimination of about 600 positions.
According to Meredith, the headcount reductions "do not include the impact of any potential divestitures" and that they are "key pieces of Meredith's previously stated strategy to eliminate duplicative positions and consolidate certain functions" at its headquarters in Des Moines, Iowa.
Furthermore, Meredith said it will soon unveil a new brand-centered sales organization and go-to-market strategy that fully leverages its new, powerful media portfolio.