Time Inc. Readying a Reorganization Plan (Report)
The move is designed to beef up Time's multimedia initiatives, with Rich Battista expected to take on more responsibilities.
Time Inc. is getting ready for a reorganization designed to beef up its multimedia initiatives in the wake of a challenging environment for print publications, The Wall Street Journal reported Friday.
The plan may or may not include layoffs, according to the Journal, and Rich Battista is expected to take on more responsibilities.
Battista is a former CEO of Mandalay Sports and Gemstar-TV Guide International. He also was president of National Cable Networks at Fox.
At Time, which he joined 15 months ago, Battista is an executive vp and also president of its Entertainment & Sports Group and Video, where he oversees People, Entertainment Weekly, Sports Illustrated and Golf.
Battista oversaw the acquisition of Hello Giggles and announced the upcoming launch of a People/Entertainment Weekly streaming service, and Time is looking for more of those types of digital initiatives.
In the most recent quarter, Time said its circulation revenue fell 5 percent to $238 million and advertising fell 4 percent to $270 million. Digital advertising, though, rose 23 percent to $90 million.
The Journal cited a person familiar with the plans. Time did not respond to a request for comment.