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Time Inc slashes dividend in cost-cutting push, shares dive
May 10, 2017 9:04 AM EDTBy Narottam Medhora
(Reuters) - Time Inc's (NYSE: TIME) shares plunged 17 percent on Wednesday after the magazine publisher slashed its dividend amid a push to cut costs, following its decision to not sell itself.
The publisher of People and Fortune also reported its fourth straight drop in quarterly sales and a bigger-than-expected loss.
Time said last month it would pursue a strategic plan that included spending cuts and a sharper focus on its digital business.
The company's decision not to sell itself also ended speculation about a merger with... More
