Earlier today we mentioned Time Inc.'s plan to jettison a boatload of titles. Well, it has come to pass. After the jump, the full memo from Chairman Ann Moore. Our favorite bit? "In all there are 18 print titles for sale. 440 employees work at the Time4 Media titles involved and another 120 work at The Parenting Group. I want to thank our colleagues at these magazines for all their hardwork over the years. They serve their audiences well, and we will continue to work closely with them until the sale is final."

After that, it's "Fuck you, Charlie." Click "continue reading" to feel the warmth.

September 12, 2006

To: Time Inc. Employees

From: Ann Moore

Re: Today's Announcement

As you may have heard, we announced plans earlier today to sell some
of our smaller niche brands that we feel no longer fit with our
strategy for Time Inc.'s future.

While these titles are good performers, Time Inc. is focusing its
energy, resources and investment on our largest and most profitable
brands, brands that have demonstrated an ability to draw large
audiences in print and digital form. Our recent acquisition of
Golf.com and greater investment in CNNMoney.com, SI.com, People.com,
Time.com, InStyle.com and Time Inc. Interactive are evidence of this
focused strategy. Time Inc.'s unparalleled skills in creating,
editing and packaging compelling content can translate successfully to
all distribution channels. With our category leading brands in news,
sports, finance, celebrity, health, fashion and home, we're well
positioned for growth in multiple platforms.

Time4 Media businesses for sale include:
Popular Science
Marine Group (Yachting, MotorBoating and SaltWater Sportsman)
Time4 Outdoors (Field & Stream, Outdoor Life)
TransWorld Media (TW Skateboarding, TW Snowboarding, TW Surf, TW
Motocross, Ride BMX, Quad)
Mountain Sports Media (Ski, Skiing, Warren Miller Entertainment)

Golf, Golf.com, and This Old House Ventures, including This Old House
television production and This Old House magazine, will be staying at
Time Inc.

The Parenting Group is also for sale. These assets include:
Parenting
Babytalk
Parenting.com

In all there are 18 print titles for sale. 440 employees work at the
Time4 Media titles involved and another 120 work at The Parenting
Group.

I want to thank our colleagues at these magazines for all their hard
work over the years. They serve their audiences well, and we will
continue to work closely with them until the sale is final.

This was not an easy decision. These are all vibrant and valuable
brands. Over the past few months, I have worked closely with Jeff
Bewkes and Time Warner to refine our strategy, and we concluded that
the criteria for inclusion in the Time Inc. portfolio has changed. We
will be concentrating on our biggest brands in print. By focusing our
management attention and financial resources on these world famous
brands, I believe we best position Time Inc. for growth. I am
confident that the biggest brands in print, with our expertise and
support, will develop into the biggest brands online. This strategy is
already bearing fruit: SI.com and CNNMoney.com, for example will
contribute significant amounts to the bottom line of their respective
titles in 2006.

Golf and Golf.com will join the Sports Illustrated group. The
publishing side of Golf will report to SI president Mark Ford. Golf's
top editor will report to SI managing editor Terry McDonell. The move
to Sports Illustrated is significant as it combines the number one
general sports title with one of the leading golf titles and brings
together two category leading web sites with a total of 9,000,000
unique visitors a month.

This Old House will report to Time Inc. Co-COO John Squires on the
business side and the editorial side will continue to report to Scott
Mowbray.

Time4 Media's newly formed TV development arm, under Paul Speaker,
will remain part of Time Inc. They will continue to produce This Old
House, the award winning PBS television show as well as various other
Time Inc. television projects.

Time4 Media President Tom Beusse has agreed to stay on and manage the
remaining Time4 Media businesses during the sale period.

With these divestments, Time Inc. will have 132 magazines around the
world and 32 in the U.S. Our PIB share will be approximately 20%.
Time Inc. web sites receive more than 1.5 billion page views each
month.

I will keep you aware of developments as they occur. In the meantime I
appreciate all the work you are doing in helping position Time Inc.
for growth by making sure our world class journalism and brands
dominate their categories online as well as in print.

If you have any questions please email them to employee_questions@timeinc.com.

A. M.

Contact information for this author is not available.