Time Inc reports 4% rise in ad revenue

IPC Media owner, Time Inc, has reported a $21 million increase in ad revenue – a 4% year-on-year rise. However, subscription revenue was flat.

It also reported a 0.4% rise in overall revenue, to $919 million (£578 million) in the three months to 30 June.

Time Inc’s parent company, Time Warner, also registered a rise in revenue, as it grew 8% to $6.4 billion in the second quarter.

Jeff Bewkes, Time Warner chairman and chief executive, said: “Time Warner delivered another quarter of strong financial and operating performance. Our revenue increased at its highest rate in two years.”

Time Inc publishes Time magazine, People, and Sports Illustrated. It also publishes UK magazines through IPC Media, such as InStyle and Look.

With this announcement, US reports today suggest that Time Inc chief executive, Ann S Moore, is expected to step down from her role. Jack Griffin is rumoured to be the main contender to replace her. He was president of publishing company Meredith until this week.