A number of iconic magazines appear to be going up for sale as the media company that recently became the owner of Time Inc. explores what to do with its acquisition.
Reuters cites sources saying Meredith Corp. has hired advisers to look into selling Time, Fortune, Money and Sports Illustrated. Meredith acquired Time Inc. for $1.84 billion in January.
“The move illustrates how Meredith sees some of Time Inc.’s titles that attract primarily male readership as not playing to its core strength in women’s magazines, which include Better Homes & Gardens, Family Circle and Martha Stewart Living,” Reuters reports. “The Des Moines, Iowa-based company has tapped investment banks Citigroup Inc and Houlihan Lokey Inc to find potential buyers for the magazines, the sources said this week. There is no certainty that a divestiture will occur, the sources added.”
Reuters adds: “While it’s possible that media, telecommunications or technology companies could express an interest in the magazines, a sale to wealthy individuals, such as philanthropists or billionaires, is viewed by Meredith as more likely, according to one of the sources.”