May 10 Time Inc, the publisher of Sports Illustrated and People magazines, on Wednesday slashed its dividend in an effort to bolster its balance sheet, and also reported a nearly 8 percent fall in quarterly revenue.
The company lowered its quarterly dividend to 4 cents per share from 19 cents.
Net loss attributable to Time Inc widened to $28 million, or 29 cents per share in the first quarter ended March 31, from $10 million, or 10 cents per year, a year earlier.
Revenue fell to $636 million from $690 million. (Reporting by Narottam Medhora in Bengaluru; Editing by Sai Sachin Ravikumar)
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