Blog Post

Time CEO Ann Moore Rules Out IPC Media Sale; Announces Two-Year Plan to Counter Downturn

She might run the biggest magazine company in the world in a time of falling advertising revenue and dwindling sales, but Time (NYSE: TWX) Inc.’s CEO and Chairman Ann Moore doesn’t sound too concerned. She tells The Times of a two-year strategy to get her company, owner of consumer UK magazine publisher IPC Media, through the downturn — which will look to address its nine percent Q208 drop in ad revenue. Digital revenues grew 73 percent in 2007 and now make up 15 percent of the group’s total ad revenue. Moore considers Time not a magazine publisher but a “content company” But as The Times’s Dan Sabbagh writes: “Nevertheless, print magazine advertising is heading south this year, and digital growth in 2008 will miss the previous 53 per cent target“.

Moore says it will be “tough to grow revenues” in 2009 but aims “to do better than stand still” in terms of profit. One option is to sell-off IPC, the publisher music weekly NME and lads’ mag Loaded which it bought for £1.1 billion in 2001, but Moore insists this is not on the cards, asking