NEW YORK (TheStreet) -- Time Inc. (TIME) announced the launch of a sports video programming and development initiative called Sports Illustrated Films.

The platform will offer original programming through an online channel on the Sports Illustrated website.

Time also reached production agreements with Mandalay Sports Media and Velocity to produce the programming for Sports Illustrated Films.

"We see amazing potential for Sports Illustrated-branded programming both domestically and internationally, and we are going to pursue those opportunities very aggressively," Time Video SVP J.R. McCabe said in a statement.

The company will release six films this year, beginning with "Brett Favre: Life After the Game" and "The Rise and Fall of the Danbury Trashers."

"With changing consumption habits, especially among millennials, and the plethora of popular distribution outlets at hand, there are limitless opportunities to offer an independent voice and quality video programming. 'Sports Illustrated Films' aims to capitalize on all of that," Sports Illustrated Group Editor Paul Fichtenbaum added.

Time stock closed down by 1.33% to $18.55 on Thursday afternoon.

Separately, TheStreet Ratings team rates TIME INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

"We rate TIME INC (TIME) a HOLD. The primary factors that have impacted our rating are mixed — some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and a generally disappointing performance in the stock itself."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • TIME INC reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past year. We feel that this trend should continue. This trend suggests that the performance of the business is improving. During the past fiscal year, TIME INC increased its bottom line by earning $0.80 versus $0.60 in the prior year. This year, the market expects an improvement in earnings ($1.23 versus $0.80).
  • The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Media industry. The net income increased by 175.0% when compared to the same quarter one year prior, rising from -$32.00 million to $24.00 million.
  • The current debt-to-equity ratio, 0.48, is low and is below the industry average, implying that there has been successful management of debt levels. Although the company had a strong debt-to-equity ratio, its quick ratio of 0.82 is somewhat weak and could be cause for future problems.
  • TIME has underperformed the S&P 500 Index, declining 16.02% from its price level of one year ago. The fact that the stock is now selling for less than others in its industry in relation to its current earnings is not reason enough to justify a buy rating at this time.
  • Net operating cash flow has decreased to $63.00 million or 21.25% when compared to the same quarter last year. In addition, when comparing the cash generation rate to the industry average, the firm's growth is significantly lower.
  • You can view the full analysis from the report here: TIME