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The Future of Time Magazine

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The magazine company Time Incorporated is backing away from plans to sell itself. "While Time Inc. had not initiated a process, the board of directors, consistent with its duties, evaluated a number of expressions of interest with the assistance of external advisors," the company said in a statement Friday morning. "Following that review, the board has determined that the company will continue to pursue its strategic plan." In other words: the board wasn't satisfied with the offers from prospective buyers. Investors did not take kindly to the news. Time Inc. stock fell about 18% in morning trading after the announcement.Morale at the company is likely to take a hit as well. Staffers at Time's magazines are bracing for further cuts to the company's portfolio -- and its workforce.http://rss.cnn.com/~r/rss/edition_ent...http://www.wochit.comThis video was produced by YT Wochit News using http://wochit.com

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