Time Inc to sell British publications including Wallpaper and NME says report

 
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Time Inc is the owner of a multiple iconic magazine brands (Source: Getty)

American media giant Time Inc is in advanced talks with a private equity fund to sell its British publishing arm, according to reports.

Epiris, the private equity firm, could buy the publisher of some of the UK’s best-known magazine brands, including Wallpaper, NME, and World Soccer, for £150m, according to Sky News.

The deal would see the publishing arm’s large pension obligations retained by the US group, according to sources cited by Sky News.

An agreement could be reached before the end of the year.

Read more: Time Inc's shares rise as it targets $400m in cost savings

Epiris is an investor in a diverse portfolio of companies including 10-pound note plastics maker Innovia Group and restaurant chain TGI Fridays.

A deal would come at a time when Time Inc is pursuing $400m in cost savings in its operations worldwide amid declining circulation and falling revenues.

Magazine circulation revenues across the UK and the main US operation, which includes brands such as Sports Illustrated, Time magazine, and Fortune, fell by 12 per cent in the year-on-year in the second quarter of 2017. Newsstand revenues plummeted by 20 per cent year-on-year.

Meanwhile advertising revenues fell by $52m in the group, although much smaller digital advertising revenues rose by a similar proportion.

Time Inc could not be reached for comment. Epiris declined to comment.

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