Meredith to reorganize self after acquisition
Date
3/22/2018 3:13:38 AM
(MENAFN) Meredith Corp has announced on Wednesday that it will cut about 200 jobs, with dismissing another 1,000, as it organizes its operations after the completion of its Time Inc acquisition.
The US media company also said that it will explore a sale of Time, Sports Illustrated, Fortune and Money magazines after a review, which indicates how the company sees some of Time's titles that attract primarily a male readership as not playing to its core strength in women's magazines.
An analyst with Benchmark Co. said: "There are guys who would like to own these marquee brands and are probably gonna pay more than what Meredith paid to acquire them."
According to the company, the job cuts were part of a plan to achieve annual savings in the USD400 million to USD500 million range from the Time Inc acquisition, which closed in January.
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