SI is among "several Time Inc. titles that could be sold" in early '18 once Meredith Corp. closes on its purchase of Time Inc., according to Keith Kelly of the N.Y. POST. Meredith Chair & CEO Steve Lacy yesterday was "playing his cards close to his vest -- not ruling out that some titles may be sold." A "review of each magazine’s ad sales and digital prowess are likely to sway Lacy’s decision." Meredith announced late Sunday that it was "buying the iconic New York publisher" for $2.8B. Lacy: "We’ll make some very informed decisions and move forward, but none of those decisions have been made today. We’ll evaluate the whole portfolio" (N.Y. POST, 11/28). In N.Y., Sydney Ember reports the announcement of the sale had in some ways "ended years of dread inside Time Inc." The company had been "floundering since it was spun off from Time Warner" in '14, and "everyone who worked there had little doubt that it would eventually come under new ownership." Meredith President & COO Thomas Harty yesterday said that his company "had not made any decisions about selling Time Inc. titles, though he did not reject the notion outright." He added Time, Fortune, Money and SI were “really iconic brands that have been underperforming." Harty also said that layoffs are "likely at Time Inc., which has drastically reduced the size of its work force in the last decade" (N.Y. TIMES, 11/28).
