ALSO READTime Inc misses revenue estimates as advertising sales slip Time Inc in talks to sell assets; warns on Q3 ad revenue softness 'Wonder Woman' helps Time Warner beat estimates as ad sales dip Rebranded Elgi Equipments targets $1 bn revenue in five years' time Thomson Reuters reports higher 2nd-quarter revenue
The New York-based publisher of Time, Sports Illustrated and People magazines said on Thursday its total advertising revenue fell 11.5 percent to $369 million in the quarter ended Sept. 30, led by a 17.7 percent decline in print advertising revenue.
Digital advertising revenue rose 2.3 percent to $132 million.
The results come weeks after Time said it was looking to sell assets that represented about $488 million in revenue for the 12 months ended June 30 amid a prolonged decline in its mainstay print business.
The assets include Time Inc UK and a majority stake in the Essence magazine.
Net income attributable to Time Inc was $13 million or 14 cents per share, compared to a net loss of $112 million or $1.13 per share a year ago.
(Reporting by Sonam Rai in Bengaluru; Editing by Sai Sachin Ravikumar)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)