In the interview, Battista called the three publications “wonderful brands” but said Time needed to invest in other properties instead. The company also publishes People and Sports Illustrated.
“It’s really important to focus on the key biggest growth drivers of this company that will move the needle the most,” he said. “These are wonderful titles and wonderful brands. They’re just relatively smaller in our portfolio.”
Time may also consider unloading other assets, Battista said. Earlier this week, the publisher said it was looking to sell a majority stake in Essence, a monthly magazine for black women. Battista said in the interview that Time was increasing its video production for television and social media and looking to expand the Foundry, which creates content for advertisers.
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Based in Oakland, California, Sunset is a monthly publication focused on West Coast lifestyle, including travel, food, home and garden. It was founded in 1898 by railroad executives who wanted to attract people on the East Coast to move out West.
Coastal Living, based in Birmingham, Alabama, focuses on home design and travel in communities along the Atlantic, Pacific and Gulf coasts.
Golf magazine, a monthly based in New York, focuses on golf instruction, equipment and courses. It competes with Conde Nast’s Golf Digest.
So, if you are a contrarian who would like to get into the magazine business, and you like coastal living, sunsets and golf, give Rich Battista a call. He’s got some wonderful titles to sell you.
Disclosure: The author has no position in any stock mentioned, nor has he read any of the magazines discussed
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