Magazine publisher Time Inc. (TIME) is betting on the internet to disseminate its portfolio of video and television content in its latest bid to keep up with the decline in print advertising revenue, Reuters reported.
The move suggests Time understands that even the most prestigious print publisher can't stop the Netflix (NFLX) - Get Netflix, Inc. (NFLX) Report , Facebook (FB) - Get Facebook, Inc. Class A Report , Amazon.com (AMZN) - Get Amazon.com, Inc. Report video churn from dominating viewer market share. To jumpstart its digital pivot, Time is rolling out a cooking competition show on Facebook's new video service, calling the streaming series "Homemade vs. The Internet."
Time said it plans to produce about 40 hours of TV programming this year for 12 broadcast, cable and digital networks. The publisher has about 75 TV and long-form projects in long-term development, including a sports documentary and a feature-length documentary.
Time stock traded up 1.4% to $12.96 midday Thursday.
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