Time Inc. unveiled a strategic transformation program based on a review of the company's business, company President and CEO Rich Battista said Aug. 8.

The program includes reinvestment in core growth areas, including native and branded content; video, data and targeting; paid products and services; and brand extensions.

"Through this review, we have greater confidence in our path to accelerate the optimization of costs and revenue growth drivers," Battista said, adding that the company has already targeted more than $400 million of run-rate cost savings, with the majority of initiatives expected to be implemented over the next 18 months.

Battista said Time expects to realize significant cost savings, and a path to a minimum range of $500 million to $600 million of adjusted OIBDA within the next three to four years.