Time Warner is now seeking to sell off all of its most iconic magazine titles, the New York Times reported Wednesday.
The media conglomerate was already in talks with fellow publisher Meredith about selling most of the titles in its Time Inc. stable, but Time Warner was said to be keeping a hold on four major brands: Time, Sports Illustrated, Fortune and Money.
Now, the Times' Amy Chozick and Christine Haughney wrote, Time Warner wants to dispense with those too:
Time Warner still wants to complete the deal, but if talks fall through, the media giant could spin off Time Inc. on its own, without a partner, or keep its 21 magazines, the people said.
Time Warner had considered keeping the four news and sports magazines, which executives originally believed have synergies with its CNN cable channel. But the thinking on the magazines, which like the rest of the industry have faced industry-wide downturns in revenue, has changed, these people said.
If the deal was completed, it would mark a very dramatic shift in the media landscape. After all, it is Time Inc. that put the "Time" in "Time Warner." The company has already begun a painful round of layoffs.