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Time Inc reports ad revenue growth
Time Inc, the US owner of IPC Media, has reported a 4% year-on-year rise in ad revenue and a 0.4% rise in overall revenue to $919m (£578m) in its latest quarterly results.
Time Inc: 4% year-on-year rise in ad revenue
The increase in ad revenue came in at $21m, but subscription revenue was flat.
TIme Inc did not break out figures for IPC, but the company observed higher US magazine and digital revenues.
Time Inc's parent company Time Warner, registered an 8% rise in revenue to $6.4bn in the three months to 30 June.
Jeff Bewkes, Time Warner chairman and chief executive, said: "Time Warner delivered another quarter of strong financial and operating performance. Our revenue increased at its highest rate in two years."
Time Inc publishes Time magazine, People, and Sports Illustrated, as well as UK magazines such as InStyle and Look, through IPC Media.
US reports today suggested Time Inc chief executive, Ann S Moore, is expected to step down from her role, which she took over in 2002.
It is understood that Jack Griffin, until this week president of Meredith, the second-largest US publisher after Time Inc, is the main contender to replace Moore. A decision is expected as soon as next week.
This article was first published on mediaweek.co.uk
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