ON THE ROAD: Executives from Time Inc. will kick off the company’s formal road show in early May, WWD has learned.
This story first appeared in the April 11, 2014 issue of WWD. Subscribe Today.
The road show — a presentation to potential investors — is part of any company’s process to go public. Sources with knowledge of the situation said chief executive officer Joe Ripp, executive vice president and chief financial officer Jeff Bairstow and executive vice president and chief content officer Norman Pearlstine are likely to be involved. Sources were unable to point to a specific date for the road show’s start, but confirmed that it will be at the beginning of May, roughly a month before Time Inc. is slated to be spun off from parent company Time Warner.
According to reports, Time Inc. recently asked Sony Corp.’s retired ceo Howard Stringer to become a board member. A Time Inc. spokeswoman said the company doesn’t comment on speculation.
Time Inc., which saw its annual revenues decline 2.4 percent to $3.35 billion for the year ended Dec. 31, said it will raise $1.4 billion in debt. Earlier this week, Time Inc. said it would use those proceeds to finance the acquisition of IPC Media, its U.K. publishing division from Time Warner.