Time Warner Inc. is reportedly in talks to sell most of its magazine group, including People, InStyle and Entertainment Weekly, to the Meredith Corporation. Time Warner would reportedly retain control of flagship titles Time, Sports Illustrated and Fortune. (Photo by Mario Tama/Getty Images)
(USA TODAY) - Time Warner is in talks to sell several magazines of its Time Inc. division to Meredith, a media company that specializes in women's publications, according to a person familiar with the discussions.
Most of Time Warner's titles, including People, InStyle, and Real Simple, are up for sale, says the source, who declined to be named because he wasn't authorized to speak publicly about the deal.
Time Warner plans to keep at least three titles -- Time, Sports Illustrated and Fortune. Financial terms haven't been revealed.
Time Warner declined to comment. Fortune magazine first reported about the company's plans.
Meredith, based in Des Moines, publishes some of the best known magazines targeted for women, including Better Homes and Gardens, Family Circle, Ladies' Home Journal, Every Day with Rachael Ray and FamilyFun.
While Time Warner is interested in selling all of its magazines, Meredith likely was only interested in the titles that fit its demographic focus, says Reed Phillips, co-founder of DeSilva + Phillips, an investment bank specializing in the media industry.
"My guess is Meredith didn't see much value in those properties," he says. "If Time Warner is selling such a large portion of its (magazine business), there's even less reason to be in the business going forward."