Media company Time Inc. (TIME) announced that it is in talks to sell off several assets as softness in circulation and advertising revenue forces changes at the company.
The publisher of Sports Illustrated, People and Time magazine said that Time Inc. U.K., Time Customer service and a majority stake in Essence magazine were all up for sale.
Time Inc. reported that magazine circulation revenue fell 12% in the second quarter and advertising revenue also fell about 12% due to the shift to digital.
Time Inc. shares were down 27.45% year to date.
More of What's Trending on TheStreet: