|Founded||November 28, 1922|
June 6, 2014 (Spin-off)
|Founders|| Henry Luce |
|Defunct||January 10, 1990|
January 31, 2018 (Spin-off)
|Fate||Merged with Warner Communications; later spun-off and acquired by Meredith Corporation which eventually merged with Dotdash to form Dotdash Meredith in 2021|
|Headquarters|| 225 Liberty Street, |
|Joseph A. Ripp|
(President and CEO)
|Revenue||US$3.1 billion (2015)|
|−US$823 million (2015)|
|−US$881 million (2015)|
|Total assets||US$4.8 billion (2015)|
|Total equity||US$1.8 billion (2015)|
Number of employees
Time Inc. was an American worldwide mass media corporation founded on November 28, 1922, by Henry Luce and Briton Hadden and based in New York City. It owned and published over 100 magazine brands, including its namesake Time , Sports Illustrated , Travel + Leisure , Food & Wine , Fortune , People , InStyle , Life , Golf Magazine , Southern Living , Essence , Real Simple , and Entertainment Weekly . It also had subsidiaries which it co-operated with the UK magazine house Time Inc. UK (which was later sold and since has been rebranded to TI Media), whose major titles include What's on TV , NME , Country Life , and Wallpaper . Time Inc. also co-operated over 60 websites and digital-only titles including MyRecipes, Extra Crispy, TheSnug, HelloGiggles, and MIMI.
In 1990, Time Inc. merged with Warner Communications to form the media conglomerate Time Warner (now Warner Bros. Discovery). In 2018, media company Meredith Corporation acquired Time Inc. for $2.8 billion.Meredith was then acquired by IAC and merged with Dotdash to form Dotdash Meredith three years later, thus resulting in IAC gaining most of the former Time Inc. assets.
Nightly discussions of the concept of a news magazine led its founders Henry Luce and Briton Hadden, both age 23, to quit their jobs in 1922. Later that same year, they formed Time Inc. Having raised $86,000 of a $100,000 goal, the first issue of Time was published on March 3, 1923, as the first weekly news magazine in the United States.Luce served as business manager while Hadden was editor-in-chief. Luce and Hadden annually alternated year-to-year the titles of president and secretary-treasurer. Upon Hadden's sudden death in 1929, Luce assumed Hadden's position.
Luce launched the business magazine Fortune in February 1930 and created/founded the pictorial Life magazine in 1936, and launched House & Home in 1952 and Sports Illustrated in 1954. He also produced The March of Time radio and newsreel series. By the mid-1960s, Time Inc. was the largest and most prestigious magazine publisher in the world. (Dwight Macdonald, a Fortune staffer during the 1930s, referred to him as "Il Luce", a play on the Italian dictator Benito Mussolini, who was called "Il Duce".) Once ambitious to become Secretary of State in a Republican administration, Luce wrote a famous article in Life magazine in 1941, called "The American Century", which defined the role of American foreign policy for the remainder of the 20th century, and perhaps beyond.
President Franklin D. Roosevelt, aware that most publishers were opposed to him, issued a decree in 1943 that blocked all publishers and media executives from visits to combat areas; he put General George Marshall in charge of enforcement. The main target was Luce, who had long opposed FDR. Historian Alan Brinkley argues the move was "badly mistaken", for had Luce been allowed to travel, he would have been an enthusiastic cheerleader for American forces around the globe. But stranded in New York City, Luce's frustration and anger expressed itself in hard-edged partisanship.Luce, supported by Editor T. S. Matthews, appointed Whittaker Chambers as acting Foreign News editor in 1944, despite the feuds Chambers had with reporters in the field.
In the 1950s, the Time Inc. executive Brumbaugh made presentations to the Post Office Department to explain how Time Inc. was using a zoning system to speed the delivery of its magazines. Although the Post Office Department had instigated zones in 1943, they were inconsistently applied. As cited in FYI, Time Inc.'s internal newsletter "'Fewer than 40% of the cities were properly zoned,' he recalls. 'I went to the Post Office Department and showed them how we were making the zone system work.'" In 1963, the United States Post Office introduced ZIP codes.
Luce, who remained editor-in-chief of all his publications until 1964, maintained a position as an influential member of the Republican Party.Holding anti-communist sentiments, he used Time to support right-wing dictatorships in the name of fighting communism. An instrumental figure behind the so-called "China Lobby", he played a large role in steering American foreign policy and popular sentiment in favor of Nationalist leader Chiang Kai-shek and his wife Soong Mei-ling in their war against the Japanese. (The Chiangs appeared in the cover of Time eleven times between 1927 and 1955.
Time Inc. also owned pioneering cable network Home Box Office (HBO).
In 1987, Time Inc. lost its ownership stake in the USA Network, which it held since 1981,after attempting to acquire CNN. The merger of Time Inc. and Warner Communications was announced on March 4, 1989. During the summer of that same year, Paramount Communications (formerly Gulf+Western) launched a $12.2 billion hostile bid to acquire Time Inc. in an attempt to end a stock swap merger deal between Time and Warner Communications. This caused Time to raise its bid for Warner to $14.9 billion in cash and stock. Paramount responded by filing a lawsuit in a Delaware court to block the Time/Warner merger. The court ruled twice in favor of Time, forcing Paramount to drop both the Time acquisition and the lawsuit, and allowing the formation of the two companies' merger which was completed on January 10, 1990. Effectively, Time took over Warner, resulting in a new corporate structure and the new combined company being called "Time Warner".
The Pathfinder website was launched in 1994, with content from the Time, People and Fortune magazines. It was shut down in 1999.
In 2008, Time Inc. launched Maghound, an internet-based magazine membership service that featured approximately 300 magazine titles from both Time Inc. brands and external publishing companies.On January 19, 2010, Time Inc. acquired StyleFeeder, a personal shopping engine.
In August 2010, Time Inc. announced that Ann S. Moore, its chairman and chief executive, would step down as CEO and be replaced by Jack Griffin, an executive with Meredith Corporation, the nation's second-largest publisher of consumer magazines.In September 2010, Time Inc. entered into a licensing agreement with Kolkata-based ABP Group, one of India's largest media conglomerates, to publish Fortune India magazine and the yearly Fortune India 500 list. Griffin was ousted after a brief tenure, eventually being replaced by Laura Lang, who served about a year.
On March 6, 2013, Time Warner announced plans to spin-off Time Inc. into a publicly traded company.Time Warner's chairman/CEO Jeff Bewkes said that the split would allow Time Warner to focus entirely on its television and film businesses, and Time Inc. to focus on its core print media businesses. It was announced in May 2014 that Time Inc. would become a publicly traded company on June 6 of that year. The spin-off was completed on June 9, 2014. As of September 13, 2016, Rich Battista was promoted to president and CEO, replacing Joseph A. Ripp.
Time Inc. purchased American Express Publishing Corporation's suite of titles, including Travel + Leisure , Food & Wine , Departures , Black Ink and Executive Travel on October 1, 2013. iScore in Los Alamitos. The three companies will be a part of Sports Illustrated Play.On January 14, 2014, Time Inc. announced that Colin Bodell was joining the company in the newly created position of executive vice president and chief technology officer. However, he was let go May 19, 2016 On February 5, 2014, Time Inc. announced that it was cutting 500 jobs with most of the layoffs at American Express Publishing. From April 2014 to mid-2017, the Chairman of Time Inc. was Joseph A. Ripp, who had been Chief Executive since September 2013 and continued as Executive Chairman when replaced as CEO by Battista. Though Ripp had intended to remain Executive Chairman until 2018, he wound up leaving the board in 2017 and John Fahey served as non-executive chairman for the months prior to the company's sale to Meredith. On May 28, 2015, Time Inc. announced the purchase of entertainment and sports news site FanSided. In July 2015, Time Inc. acquired League Athletics in Tucson, SportsSignup in Saratoga Springs, and
After attempting a few TV shows in 2014 and 2015, the company formed Time Inc. Productions in 2016 as its in-house production company.On February 11, 2016, Time Inc. announced that it has acquired Viant, a leading people based marketing platform and owner of MySpace. With the purchase of Time Warner by AT&T, it was agreed that Time Warner television assets such as HBO also came under the AT&T umbrella; after WarnerMedia spun off from AT&T in 2021, these assets came under the fold of Warner Bros. Discovery.
In February 2017, it was reported that Meredith Corporation and a group of investors led by Edgar Bronfman Jr. were considering purchasing Time Inc.In 2016, Time Inc. acquired Bizrate Insights. On April 28, 2017, the company's board of directors dropped the plan of selling the company and instead focus on growth strategies.
On November 26, 2017, it was announced that Meredith Corporation would acquire Time Inc. in a $2.8 billion deal. $640 million in backing will be provided by Koch Equity Development, but the Koch family will not have a board seat or otherwise influence the company's operations.Prior to the sale closing in January 2018, Time Inc. sold Essence Communications to Richelieu Dennis, the founder of hair- and skin-care products maker Sundial Brands. In January 2018, Meredith removed signage and references to Time, Inc., and Time, Inc. website was redirected to the Meredith's website.
In March 2018, only six weeks after the closure of the deal, Meredith announced that it would lay off 1,200 employees, and explore the sale of Time, Fortune, Money, and Sports Illustrated. The company felt that these brands did not align with its core, lifestyle-oriented properties.
Howard Milstein had announced on February 7, 2018, that he would acquire Golf Magazine from Meredith,and Time Inc. UK was sold to the British private equity group Epiris (later rebranded to TI Media) in late February. In September 2018, Meredith announced that it would re-sell Time to Marc Benioff and his wife Lynne for $190 million. Although Benioff is the chairman and co-CEO of Salesforce.com, Time will remain separate from the company, and Benioff will not be involved in its daily operations. In November 2018, Meredith announced to sell Fortune to Thai businessman Chatchaval Jiaravanon for $150 million. In December 2021, Meredith was acquired by IAC's Dotdash and became Dotdash Meredith; Barry Diller, the head of IAC, had previous relations with Time Inc. in the early 1980s when he was head of Paramount and helped make Time Inc. at one point a co-owner of the USA Network.
Time's offices were originally in the Chrysler Building. In 1938, they moved to the seven upper floors of the newly-built 1 Rockefeller Plaza in Rockefeller Center, which was named the "Time & Life Building".In 1960, they moved to fifteen floors of a new building, also in Rockefeller Center, 1271 Avenue of the Americas, which took on the name "Time & Life Building". Time rented additional offices in the adjacent 135 West 50th Street building. In 2014, Time moved to Brookfield Place in lower Manhattan.
In the early years, when the company was just Time magazine, Luce served as business manager while Hadden was editor-in-chief, and they annually alternated the positions of president and secretary-treasurer. On Hadden's sudden death in 1929 Luce took his position and business management was entrusted to Roy E. Larsen, who had been one of their first hires. Luce cultivated a philosophy of "church and state", where the editorial and business management were separate up to the board of directors level. (This was functionally ended with the departure of McManus from the Time Warner board, and formally by Ripp in 2013).
McManus left the board of what had become Time Warner shortly before retiring,and his replacement Norman Pearlstine and successors John Huey (2006-2012) and Martha Nelson (2013) were never directors of the parent. The title was then abolished.
Linen became chairman of the executive committee for a time after serving as president, then was succeeded by Shepley, who retained that position for a time after he, in turn, stepped down as president.
Davidson also served as chairman of the executive committee after stepping down as chairman of the board. Munro was chairman of the executive committee of Time Warner from 1990 to 1996.
On the merger with Warner Communications Munro and then Nicholas were co-CEOs of Time Warner with Steve Ross until 1992 when Ross squeezed Nicholas out.Gerald M. Levin, who had come up through Time's non-publishing operations, succeeded Ross later that year and in 2002 was succeeded by Richard Parsons who had never been connected to legacy Time Inc. (his successor Jeff Bewkes, leader of the parent when Time Inc. was spun off, had like Levin come from the non-publishing operations).
The Time, Inc. (the comma remained part of the formal title until the Warner merger but the company ceased to use it in 1933)corporate entity diversified out of publishing in the 1970s and 1980s, purchasing what was later spun off as Temple-Inland paper company and various broadcasting and cable television operations such as HBO and what became Time Warner Cable. As the distinction between the overall corporation and the magazine operation grew, the position that had been "Group Vice President, Magazines" or "Executive Vice President, Magazines" became president and chief executive of a "magazine group" in 1985 (under Kelso F. Sutton to 1986,and then Reginald K. Brack Jr.) and then became president and CEO of a newly incorporated subsidiary,"The Time Inc. Magazine Company" in 1988 (initially with John A. Meyers as chairman). In 1992, Time Warner reorganized so that the non-magazine parts of Time Inc. came directly under the parent and the Time Inc. name was downgraded to only include the magazine company, so the officers of the "Magazine Company" became the officers of what was now Time Inc. Later that year, CEO Brack shifted to chairman with Don Logan as president; he stepped down in favor of Logan as CEO in 1994 and chairman in 1997. Logan moved up to a group oversight position including additional Time Warner operations in 2002 (Ann S. Moore succeeding him at the magazine operation) and left the company in 2005. Leaders after Moore are noted above.
Time is an American news magazine based in New York City. For nearly a century, it was published weekly, but starting in March 2020 it transitioned to every other week. It was first published in New York City on March 3, 1923, and for many years it was run by its influential co-founder, Henry Luce.
Dotdash Meredith is an American digital media company based in New York City. The company publishes online articles and videos about various subjects across categories including health, home, food, finance, tech, beauty, lifestyle, travel, and education. It operates brands including Verywell, Investopedia, People, The Balance, Byrdie, MyDomaine, Brides, The Spruce, Simply Recipes, Serious Eats, Liquor.com, Lifewire, TripSavvy, TreeHugger, and ThoughtCo. In August 2012, About.com became a property of IAC, owner of Ask.com and numerous other online brands, and its revenue is generated by advertising. In addition to its Manhattan headquarters, Dotdash Meredith maintains offices elsewhere in the New York metropolitan area, as well as in Des Moines, Iowa, and Birmingham, Alabama.
Warner Media, LLC was an American multinational mass media and entertainment conglomerate owned by AT&T. It was headquartered at the 30 Hudson Yards complex in New York City, United States.
Henry Robinson Luce was an American magazine magnate who founded Time, Life, Fortune, and Sports Illustrated magazines. He has been called "the most influential private citizen in the America of his day".
Fortune is an American global business magazine headquartered in New York City. It is published by Fortune Media Group Holdings, a global business owned by USC educated Thai businessman Chatchaval Jiaravanon. The publication was founded by Henry Luce in 1929. The magazine competes with Forbes and Bloomberg Businessweek in the national business magazine category and distinguishes itself with long, in-depth feature articles.
People is an American weekly magazine that specializes in celebrity news and human-interest stories. It is published by Dotdash Meredith, a subsidiary of IAC. With a readership of 46.6 million adults in 2009, People had the largest audience of any American magazine, but it fell to second place in 2018 after its readership significantly declined to 35.9 million. People had $997 million in advertising revenue in 2011, the highest advertising revenue of any American magazine. In 2006, it had a circulation of 3.75 million and revenue expected to top $1.5 billion. It was named "Magazine of the Year" by Advertising Age in October 2005, for excellence in editorial, circulation, and advertising. People ranked number 6 on Advertising Age's annual "A-list" and number 3 on Adweek's "Brand Blazers" list in October 2006.
Money is an American personal finance brand and website owned by Ad Practitioners LLC and formerly also a monthly magazine, first published by Time Inc. (1972–2018) and later by Meredith Corporation (2018–2019). Its articles cover the gamut of personal finance topics ranging from credit cards, mortgages, insurance, banking and investing to family finance issues like paying for college, credit, career and home improvement. It is well known for its annual list of "America's Best Places to Live".
IAC Inc. is an American holding company that owns brands across 100 countries, mostly in media and Internet. The company is incorporated under Delaware General Corporation Law and headquartered in New York City. Joey Levin, who previously led the company's search and applications segment, has served as chief executive officer since June 2015.
WESCO International, Inc. is an American publicly traded Fortune 500 holding company for WESCO Distribution, a multinational electrical distribution and services company based in Pittsburgh, Pennsylvania.
Rodale, Inc., was an American publisher of health and wellness magazines, books, and digital properties headquartered in Emmaus, Pennsylvania, with a satellite office in New York City. The company was founded in 1930. In 2017, it was acquired by New York City-based Hearst Communications, a media conglomerate.
Meredith Corporation was an American media conglomerate based in Des Moines, Iowa, that owned magazines, television stations, websites, and radio stations. Its publications had a readership of more than 120 million and paid circulation of more than 40 million, and its websites had nearly 135 million monthly unique visitors. Its broadcast television stations reached 11% of U.S. households.
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Ross B. Levinsohn is an American media executive who has worked in media and technology. He is the CEO of The Arena Group and Sports Illustrated, and has held senior roles at Yahoo, Fox Interactive and Tribune Publishing, including a brief tenure as publisher of the Los Angeles Times until it was sold in 2018. He became the CEO of Sports Illustrated in October 2019, and CEO of The Arena Group in August 2020.
Travel + Leisure is a travel magazine based in New York City, New York. Published 12 times a year, it has 4.8 million readers, according to its corporate media kit. It is published by Dotdash Meredith, a subsidiary of IAC, with trademark rights belonging to Travel + Leisure Co., a timeshare company capitally separate from IAC but licensing trademark to. Its main competitor is Condé Nast Traveler.
Randall Lynn Stephenson is a retired American telecommunications executive. He served as chairman and chief executive officer (CEO) of AT&T Inc. from May 9, 2007 – June 30, 2020 and as executive chairman of AT&T Inc. from July 1 until December 31, 2020. He served as National President of the Boy Scouts of America from 2016 to 2018. In April 2020, Stephenson announced he would step down as CEO of AT&T effective July 1, 2020, replaced by John Stankey. In November 2020, Stephenson announced he would step down as executive chairman of AT&T effective January 2021, replaced by William Kennard.
Southern Living is a lifestyle magazine aimed at readers in the Southern United States featuring recipes, house plans, garden plans, and information about Southern culture and travel. It is published by Birmingham, Alabama–based Southern Progress Corporation, a unit of IAC's Dotdash Meredith.
Workday, Inc., is an American on‑demand (cloud-based) financial management, human capital management, and student information system software vendor. Workday was founded by David Duffield, founder and former CEO of ERP company PeopleSoft, along with former PeopleSoft chief strategist Aneel Bhusri, following Oracle's acquisition of PeopleSoft in 2005.
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Robert Warren Pittman is an American businessman. Pittman was the CEO of MTV Networks and the cofounder and programmer who led the team that created MTV, and is the cofounder of iHeartMedia and Casa Dragones Tequila. Pittman joined iHeartMedia's predecessor company Clear Channel in November 2010 as an investor and the company's Chairman of Media and Entertainment Platforms, was named CEO in 2011 and chairman in 2013. Pittman led Clear Channel's transformation into iHeartMedia, Inc. in September 2014 to reflect its new multiplatform business and expanded mission. Pittman has also been the former chairman and CEO of Clear Channel Outdoor, CEO of AOL Networks, Six Flags Theme Parks, Quantum Media, Century 21 Real Estate and Time Warner Enterprises, and COO of America Online, Inc. and AOL Time Warner.
Virginia Marie "Ginni" Rometty is an American business executive who was executive chairman of IBM after stepping down as CEO on April 1, 2020. She was previously chairman, president and CEO of IBM, becoming the first woman to head the company. She retired from IBM on December 31, 2020, after a near-40 year career there. Before becoming president and CEO in January 2012, she first joined IBM as a systems engineer in 1981 and subsequently headed global sales, marketing, and strategy. While general manager of IBM's global services division, in 2002 she helped negotiate IBM's purchase of PricewaterhouseCoopers' IT consulting business, becoming known for her work integrating the two companies. As CEO, she focused IBM on analytics, cloud computing, and cognitive computing systems.