Time Inc Lost Over $100 Million For a Bunch of Different Reasons, Additional Layoffs Coming, and More Hi-Lites From Their Debut Earnings Call

This morning Time Inc had its first earnings call as an independent public company. CEO Joe Ripp laid it all out on the table for all on the call. Mr. Ripp is hell bent on making everyone work more closely together and to do so he is literally breaking down walls. Mr. Ripp is also chipping away at Time Inc's legendary top heavy structure and is cutting cost wherever he can to keep shareholders happy. Here are some hi-lites from the call:


1-There was a net income loss of $32 million in the second quarter of 2014

2-The company lost $19 million in revenue thanks to the now defunct Source Interlink Distribution 

3-Restructuring and severance payments cost the company $55 million this quarter

4-The move to downtown is expected to save the company $50 million annually

5-The company plans to use the new bull pen seating plan at the new office to drive cultural transformation

6-Time Inc Magazines will share content and photography resources, and eliminating layers of management structure.

7-There will be more layoffs

8-Print ad revenue is down 6%

9-Digital ad revenue is up 15%

10-Digital ad revenue is partly offsetting print declines

11-Time Inc may increase newsstand single issue cover prices. Mr. Ripp thinks current pricing concept makes no sense.

12-The company is contemplating adding more pay walls for its online content

13-Time Inc will not be investing in silly things.