As of next week, the nation's largest magazine publisher will trade as an independent company under a new stock symbol: TIME. After five decades in the Time and Life Building in Rockefeller Center, one of the worlds most widely recognized magazines is spinning off from parent company Time Warner and setting up shop in Manhattan.
Time Inc. includes more than 90 magazines and 45 websites, and is facing a dynamic market where readers seem to change their information sources as often as their socks. Print media has fallen as a result of the internet's rise, and new and free sources of information and entertainment are becoming available everyday.
If this wasn't challenge enough for Time Inc., the company will also be starting off with $1.3 billion in debt, according to the New York Times. In 2006, the company reported earnings of about $1 billion, but last year the number had been reduced to $370 million.
The source also reports that the company has tried and exhausted several CEOs since 2010. Jack Griffin served for six months before Laura Lang took the position. After a little over a year and an unsuccessful merger attempt with the Meredith Corporation, Joe Ripp took the helm, and will ring the new company's opening bell on Monday.
Ripp told the Associated Press that the company will be making major adjustments to inspire shareholder confidence and face the many challenges ahead. He remarked that there will be a renewed focus on video content to appeal to internet users, and that success will hinge on management stepping up to the challenge.
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