Time Inc, the largest magazine publisher in the United States, reported a fall in quarterly revenue, hurt by a decline in subscription revenue and newsstand sales, and cut its full-year revenue forecast.The publisher of Sports Illustrated, Time magazine and People is facing steadily declining circulation and advertising revenue - like Meredith Corp and News Corp - as consumers shift to reading on smartphones and tablets.This is Time's first earnings report following its spinoff from Time Warner Inc. Time publishes more than 90 titles and operates 45 websites, and gets more than half of its revenue from advertising.The company cut its full-year revenue forecast to $3.30-$3.37 billion from $3.35-$3.42 billion, citing a payment default by its second-largest wholesaler, the relocation of its headquarters and sale of Mexican publishing unit Grupo Expansion.
Meredith Corporation is a media and marketing company serving American women. Shares of MDP fell by 0.02% or $-0.01/share to $46.00. In the past year, the shares have traded as low as $40.11 and as high as $53.84. On average, 236559 shares of MDP exchange hands on a given day and today's volume is recorded at 245591.
News Corporation is a diversified media and information services company. Shares of NWSA traded higher by 0.34% or $0.06/share to $17.84. In the past year, the shares have traded as low as $15.44 and as high as $18.53. On average, 3114670 shares of NWSA exchange hands on a given day and today's volume is recorded at 2317247.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX traded higher by 2.06% or $1.73/share to $85.53. In the past year, the shares have traded as low as $57.59 and as high as $88.13. On average, 7384520 shares of TWX exchange hands on a given day and today's volume is recorded at 7923577.
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