Media giant Time Warner has reported a $32m first-quarter operating loss at its publishing division, Time Inc, which includes UK magazine arm IPC Media.
In an earnings release today, the company said an $18m increase in bad debts from a newsstand wholesaler had contributed to the decline.
Time Inc revenues fell 23 per cent in the first three months of 2009 compared with the same period last year – down from $1.045bn to $806m.
Ad revenue fell 30 per cent, subscriptions revenues fell 18 per cent. Even online revenue was down.