Layoffs Loom For Time, Sports Illustrated Magazines As New Owner Mulls Sale

LOS ANGELES (CBSLA) — Some of America's most popular magazine titles could be up for sale over the next year.

Time, Sports Illustrated, Fortune and Money are the brands currently being considered for sale by owner Meredith Corporation because of their "different target audiences and advertising bases", according to a company statement.

"We are pleased with the inbound interest we have received, and we are confident these brands will be positioned for growth with an owner that shares Meredith's respect for editorial integrity and independence," said Meredith President and CEO Tom Harty.

Meridith acquired the Time Inc. media brands in a $2.8 billion acquisition that closed back in January.

The company is working to expand its reach beyond its current 175 million Americans every month - including 80 percent of U.S. Millennial women – with its Country Life, What's on TV, Woman's Weekly and Wallpaper brands, among others, according to the statement.

In addition to the potential sales, Meredith announced plans to cut up to $500 million in costs after approximately 200 employees were given layoff notices, with about 1,000 more positions set to be eliminated over the next 10 months.