Time Inc. may be offering more than $30 million for OK magazine, which is rumored to be losing as much as $700,000 per issue, reports Folio.
The magazine has struggled in recent months, with both ad pages and circulation down. Last fall, management replaced editor in chief Mark Pasetky with Richard Spencer and hired Stephen Gregory Barr as publisher.
In fact, according to Ad Age, the magazine has struggled since its U.S. launch nearly six years ago. Northern & Shell had promised $100 million over six years would be enough to get OK to “dominate” its rivals; instead, the company has spent $175 million and the title is still struggling.
Last year, publisher Gregory Barr said that Northern & Shell had “made a fully committed monetary, product extension investment in the U.S.”
However, if the magazine really is losing as much as it is and Northern & Shell sells it for a song, there will most certainly be cuts as its new owner tries to right the magazine back to profitability.
Northern & Shell may also be exploring a larger divestment, according to MediaWeek.