Time Inc Says Continues To Pursue Its Strategic Plan; Stock Plunges

(RTTNews) - Time Inc. (TIME) said its board has determined that the company will continue to pursue its strategic plan.

In the pre-Market trade, TIME is trading at $14.95, down $3.35 or 18.31 percent

Time said, "Over the past several months, there has been considerable speculation and news coverage regarding interest by various parties in acquiring Time Inc. 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."

John Fahey, Lead Independent Director, stated, "We strongly believe in the future and potential of this Company. The Board has full confidence in Time Inc. President and CEO Rich Battista and the management team to execute on the strategic plan."

Time Inc.'s strategic plan includes continued growth in digital audiences and digital revenues led by branded/native content solutions and video.

The company has affirmed that it remains on track with its financial outlook for the year.