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Time Inc slashes dividend, posts 8 pct dip in revenue

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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