February 16, 2017 / 11:09 AM / 7 months ago

CORRECTED-Time Inc's quarterly revenue falls slightly

(Corrects second paragraph to show the company’s profit rose, not loss widened, also corrects year-ago per share number to 15 from 17)

Feb 16 (Reuters) - Time Inc, publisher of Sports Illustrated, People and Time magazines, reported a 1.1 percent fall in quarterly revenue on Thursday due to a stronger dollar.

The company’s net profit rose to $56 million, or 56 cents per share, in the fourth quarter ended Dec. 31, from $17 million, or 15 cents per share, a year earlier.

The company’s revenue fell to $867 million from $877 million.

Time Inc has been the subject of buyout rumors as the poor performance of print media continues to affect the publishing industry and companies increasingly use digital media for advertising. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Martina D‘Couto)

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