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TIME

Time Inc.

$12.90

-0.9 (-6.52%)

, MDP

Meredith

$57.75

-0.5 (-0.86%)

09:57
08/08/17
08/08
09:57
08/08/17
09:57

Time Inc. plans to cut more costs as revenue falls short

Shares of Time Inc. (TIME) dropped in morning trading after the publisher of Time and People magazine reported lower then expected quarterly revenue and announced plans to cut costs. QUARTERLY RESULTS: Before the market open, Time reported second quarter adjusted earnings per share of 13c, above analysts' estimates of 11c, but quarterly revenue of $694M fell below estimates of $703.5M, reflecting declines in circulation and advertising revenue. Adjusted OIBDA for the quarter was $88M, roughly flat year over year and "met expectations." Circulation revenue fell 12.3% to $207M in the quarter, while advertising revenue declined 12% to $374M. "We believe our advertising revenues were negatively impacted by the public speculation about the ownership of the company and the trailing effect of the disruption from the reorganization of our advertising sales force," the company stated. Time added that although "secular print declines are expected to continue, there is encouraging improvement in print and other advertising for the third quarter of 2017." COST-CUTTING PLANS: Time, which failed to sell itself this year due to disagreements with Meredith Corp (MDP), also announced a cost-cutting plan, and said it was targeting a path to a minimum range of $500M-$600M of adjusted OIBDA in the next three to four years. Rich Battista, Time's chief executive officer, said that "Through this review, we have greater confidence in our path to accelerate the optimization of costs and revenue growth drivers. We have already targeted more than $400M of run-rate cost savings, with the majority of initiatives expected to be implemented over the course of the next 18 months." Battista said Time will use part of these savings to invest in future key growth areas like native and branded content, video, data and targeting. WHAT'S NOTABLE: Time has considered a potential rebranding that could involve changing the company's name in order to position the company as a "more modern entity," The Wall Street Journal said last month, citing several people familiar with the situation. The previous month, Time undertook restructuring measures, cutting about 300 jobs, or 4% of its workforce. The streamlining affected print, corporate, and sales, with over half of the affected employees based in the U.S. At the time, Battista told the Journal that the company was "trying to be as nimble and efficient as possible." Time is also seeking a majority investor for Essence and is looking into the sale of Coastal Living, Sunset, and Golf magazines, and has reportedly hired an investment bank to explore the sale of its Time Inc. U.K. unit, which includes brands such as Horse & Hound, Country Life and Decanter. On its earnings conference call, Battista said Time is getting back to resuming double digit year over year growth in digital advertising. Battista also noted that Time is seeing "strong momentum" in sequential improvement of year over year trends for total advertising revenues in Q3. PRICE ACTION: Time Inc. is down over 6% to $12.95 in early trading. Shares are down 27.5% year-to-date.

TIME

Time Inc.

$12.90

-0.9 (-6.52%)

MDP

Meredith

$57.75

-0.5 (-0.86%)

  • 08

    Aug

TIME Time Inc.
$12.90

-0.9 (-6.52%)

03/20/17
SPHN
03/20/17
UPGRADE
SPHN
Equal Weight
Time Inc. upgraded to Equal Weight from Underweight at Stephens
04/28/17
WELS
04/28/17
DOWNGRADE
WELS
Market Perform
Time Inc. downgraded to Market Perform from Outperform at Wells Fargo
05/02/17
SBSH
05/02/17
UPGRADE
Target $65
SBSH
Buy
Meredith upgraded to Buy from Neutral at Citi
Citi analyst Jason Bazinet upgraded Meredith (MDP) to Buy with the stock down 10% since Time Inc. (TIME) terminated the sale talks. The analyst believes both companies can come back to the negotiating table. He sees $3 of share downside in Meredith if it remains a standalone firm, and $19 of upside in a deal with Time. Bazinet expects Meredith to offer $18 per share for Time, not $20. A deal at that price could push Meredith's shares to $77, the analyst tells investors in a research note. He raised his price target for Meredith to $65 from $58.
06/15/17
MACQ
06/15/17
DOWNGRADE
Target $15
MACQ
Neutral
Time Inc. downgraded to Neutral from Outperform at Macquarie
Macquarie analyst Tim Nollen downgraded Time Inc to Neutral with a $15 price target saying print circulation declines are accelerating and digital growth has not made up the difference.
MDP Meredith
$57.75

-0.5 (-0.86%)

01/26/17
BNCH
01/26/17
DOWNGRADE
Target $64
BNCH
Hold
Meredith downgraded to Hold from Buy at Benchmark
Benchmark analyst Daniel Kurnos downgraded Meredith to Hold from Buy citing the recent run-up in the stock and his belief that a strategic transaction is not imminent. While he still sees a transformative acquisition as the most likely outcome, he sees a challenging outlook for Meredith over the next 2 quarters, said Kurnos, who has a $64 price target on the stock.
01/26/17
SPHN
01/26/17
NO CHANGE
Target $60
SPHN
Equal Weight
Meredith price target raised to $60 from $56 at Stephens
Stephens analyst Kyle Evans raised his price target for Meredith to $60 from $56 after the company posted a "solid" Q2 and reiterated 2017 guidance. The analyst reiterates an Equal Weight on the shares.
06/05/17
BNCH
06/05/17
UPGRADE
Target $65
BNCH
Buy
Meredith upgraded to Buy from Hold at Benchmark
Benchmark analyst Daniel Kurnos upgraded Meredith to Buy with a $65 price target. The analyst sees near-term catalysts in the broadcast space and remains convinced that CEO Steve Lacy will consummate a strategic transaction before the end of his tenure in 18 months.

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