Sale Aligned with Company's Strategy to Rationalize Its Portfolio
(NEW YORK, NY, JULY 27, 2017)—Time Inc. (NYSE: TIME) today announced the sale of INVNT, an experiential company that specializes in live events and creative services, headquartered in New York City. The business was purchased back by INVNT founding partners Scott Cullather and Kristina McCoobery as part of Time Inc.’s strategy to rationalize its portfolio and focus on key assets that are core to the company’s growth strategy. The sale closed today. No terms were disclosed.
ABOUT TIME INC.
Time Inc. (NYSE:TIME) is a leading multi-platform consumer media company that engages over 170 million consumers globally every month. The company's influential brands include PEOPLE, TIME, FORTUNE, SPORTS ILLUSTRATED, INSTYLE, REAL SIMPLE, SOUTHERN LIVING and TRAVEL + LEISURE, as well as approximately 60 diverse international brands. Time Inc. offers marketers a differentiated proposition in the marketplace by combining its powerful brands, trusted content, audience scale, direct relationships with consumers and unique first-party data. The company is home to growing media and platforms, including digital video, OTT, television, licensing, paid products and services and celebrated live events, such as the TIME 100, FORTUNE Most Powerful Women, PEOPLE’s Sexiest Man Alive, SPORTS ILLUSTRATED’s Sportsperson of the Year, the ESSENCE Festival and the FOOD & WINE Classic in Aspen.
Greg Giangrande, 212-522-2163, Greg.Giangrande@timeinc.com
Jill Davison, 212-522-0105, Jill.Davison@timeinc.com