Time cuts dividend by 78.9%

Time Inc. (TIME) will cut its quarterly dividend from $0.19 to $0.04 per share.

The lower dividend is payable on June 15, 2017 to all common stockholders of record at the close of business on May 31, 2017.

Time initiated a $0.19 per share quarterly dividend in 2014 and has maintained this payout for the last couple of years. Today's dividend cut will save Time about $60 million in annual dividend payments.

Time Inc. is a media and content company. The Company offers a portfolio of news and lifestyle brands across a range of interest areas. Its brands include People, Time, Fortune, Sports Illustrated, InStyle, Real Simple and Southern Living. Time also has titles in the United Kingdom.

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