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Time Inc slashes dividend, posts 8 pct dip in revenue
May 10, 2017 / 10:23 AM / 4 months ago

Time Inc slashes dividend, posts 8 pct dip in revenue

May 10 (Reuters) - Time Inc, the publisher of Sports Illustrated and People magazines, on Wednesday slashed its dividend in an effort to bolster its balance sheet, and also reported a nearly 8 percent fall in quarterly revenue.

The company lowered its quarterly dividend to 4 cents per share from 19 cents.

Net loss attributable to Time Inc widened to $28 million, or 29 cents per share in the first quarter ended March 31, from $10 million, or 10 cents per year, a year earlier.

Revenue fell to $636 million from $690 million. (Reporting by Narottam Medhora in Bengaluru; Editing by Sai Sachin Ravikumar)

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