Time Warner Preparing to Sell Off Magazines

Somewhere in Manhattan, Time Inc. editors are contemplating a move to Iowa. Time Warner is reportedly in talks with Meredith Corporation to sell off most of its magazine titles, including Entertainment Weekly, People, and InStyle. Meredith, based in Des Moines, publishes Better Homes and Gardens and Ladies' Home Journal. Time Warner would keep Time, Sports Illustrated, and Fortune. Time Inc.'s revenue fell 6.6 percent last year, and last month it announced that it would lay off 6 percent of its workforce. Time Warner CEO Jeffrey Bewkes would be following the lead of Rupert Murdoch, who decided to separate News Corporation’s publishing arm from its film and television business.