Readers of Time, Sports Illustrated, Entertainment Weekly and other iconic publications reportedly will soon see less of the print editions of their favorite magazines.
Publisher Time Inc. is reducing the circulation and frequency of these and other name brand publications in a cost-cutting effort aimed at ensuring the magazines' long-term profitability, The Wall Street Journal reported Tuesday.
Representatives of Time Inc. did not immediately respond to a phone message seeking comment on the reported changes.
Time magazine, the company's flagship famed for its annual person-of-the-year selection, will have its weekly circulation reduced by one-third, to two million copies, the report said. Circulation of People en Español will also be cut back.
The company reportedly is also cutting the print issue frequency of Sports Illustrated, Entertainment Weekly, Fortune and four other titles.
The moves come amid slumping financial fortunes across the print media industry as readers increasingly follow favorite magazines, newspapers and other publications online.
When Time Inc. reported second-quarter financial results in August, the company said it had targeted more than $400 million of cost savings. The company said the program would include reinvestment in core growth areas, such as native and branded content, video, paid products and services, and brand extensions.
Revenue for the quarter that ended June 30 fell $75 million, or 10%, to $694 million compared with the same period last year, the company reported. The drop reflected declines in advertising and circulation revenues.
Seeing print circulation fall, executives of the New York-based company decided to focus on core readers and cut back on mass-printing promotional copies of Time magazine, the Journal report said.
Similarly, reader research showed U.S. consumers increasingly have less time to devote to reading printed editions of magazines.
Publishers of other popular U.S. magazines have taken even more drastic measures in response to the shift. Rolling Stone, the longtime chronicler of popular music and culture, went on the auction block earlier this month.
Follow USA TODAY reporter Kevin McCoy on Twitter: @kmccoynyc
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