Time Inc revenue rises as digital acquisitions pay

REUTERS - Magazine publisher Time Inc's quarterly revenue rose for the first time in six quarters, helped by acquisitions in its digital business. The company said on Thursday it plans to launch an online channel for People and Entertainment Weekly, extending its 'LIFE' brand to virtual reality platform. Time Inc, like other newspaper and magazine publishers, has been beefing up its digital services to cope with diminishing revenue from the print business. Digital advertising revenue rose 23.2 percent in the first quarter, helped by acquisitions, including advertising company Viant in February. However, print and other ad sales fell 3.57 percent as advertisers continued to shift to other media. Total advertising revenue rose 1.98 percent, while circulation revenue fell 5 percent. Revenue rose to $690 million in the quarter ended March 31 from $680 million a year earlier. Excluding items, the company reported a loss of 11 cents per share. Analysts on average had expected a loss of 14 cents per share and revenue of $675.4 million. Net loss increased to $10 million, or 10 cents per share, from $9 million, or 8 cents per share. (Reporting by Rishika Sadam in Bengaluru; Editing by Don Sebastian)