Magazines up for sale

US media and marketing group Meredith is seeking a buyer for four magazines, including Time and Sports Illustrated, which it acquired less than four months ago.

The company also announced a savings plan that would allow it to reduce its annual spending by $400 million to $500 million over the first two years, following its $2.8 billion acquisition of Time Inc. in January.

The plan includes cutting 1200 jobs, on top of 600 positions already removed.

Following a strategic review, Meredith decided to sell

Time, Sports Illustrated, Fortune and Money.

According to Time Inc.’s 2016 annual report, Time and

Sports Illustrated had a circulation of 3 million, compared to 1.55 million for Money and 830,000 for Fortune.