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Keith J. Kelly

Keith J. Kelly

 Media
media ink

Time Inc. is attracting bidders for its Tampa facilities

By
Keith J. Kelly
Published Sep. 6, 2017
Updated Sep. 22, 2017, 10:29 a.m. ET

Time Inc., looking to slim down in search of profitability, has attracted a number of bidders for its customer service center in Tampa, Fla., sources tell Media Ink.

Quad Graphics, the printing giant, has joined the India-based Wipro in a joint venture bid for the facility, which employs about 700 people in the Tampa area, sources said.

Time Inc. CEO Rich Battista is trying to shed $400 million in costs over the next 18 months and has been getting heavy guidance from McKinsey managing director Christian Schmitz.

Aside from Quad Graphics, most of the other bidders who have surfaced have major operations offshore. They include three India-based companies: Tata Consultancy, Wipro and HCL Technologies.

As previously reported by Media Ink, Time wants a deal that will bring in around $300 million.

Time Inc. did not return calls seeking comment. Joel Quadracci, president and CEO of Quad Graphis, also did not return a call seeking comment.