March 21 (Reuters) - U.S. media company Meredith Corp , which completed the acquisition of Time Inc in January, said on Wednesday it has cut around 200 jobs and plans to lay off 1,000 more over the next 10 months.
Meredith also said it has decided to explore the sale of the Time, Sports Illustrated, Fortune and Money magazines.
The media company said the job cuts were part of its plan to save between $400 to $500 million in costs. It also plans to improve advertising and circulation revenue of the Time publications.
Meredith in November agreed to buy Time — the publisher of People, Sports Illustrated and Fortune magazines — in a $1.84 billion all-cash deal backed by conservative billionaire brothers Charles and David Koch.
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Des Moines, Iowa-based Meredith owns lifestyle magazines such as Better Homes & Gardens and Family Circle. Its move to sell the Time brands illustrate how Meredith sees some of Time's titles that attract primarily a male readership as not playing to its core strength in women's magazines.
Reuters last week reported about the company's plan to sell the Time Inc brands.
"We are pleased with the inbound interest we have received, and we are confident these brands will be positioned for growth with an owner that shares Meredith's respect for editorial integrity and independence," Meredith Chief Executive Officer Tom Harty said.
Last month, Meredith said it would sell Time's UK arm, publisher of NME and Marie Claire, to private equity firm Epiris Fund II.
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(Reporting by Laharee Chatterjee and Supantha Mukherjee in Bengaluru; Editing by Shounak Dasgupta)