The race to transform legacy publishing companies into multiplatform, more digitally-oriented media networks is playing out in real time with Time Inc., which announced its third quarter earnings on November 5. The company reportedly beat Wall Street expectations, but aside from another jump in digital revenues, a $952 million goodwill impairment sucked the oxygen out of financials for the quarter.
Third-quarter revenues of $773 million were six percent lower than the same period last year. Nearly the same could be said of the nine-month period, which saw a drop of seven percent to $2.23 billion versus the first nine months of 2014.
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