Meredith Corp plans to cut about 1,200 jobs, looks to sell Time, Sports Illustrated, Fortune, Money brands

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.

RELATED: 2018 Sports Illustrated Swimsuit issue launch

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2018 Sports Illustrated Swimsuit issue launch
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2018 Sports Illustrated Swimsuit issue launch
NEW YORK, NY - FEBRUARY 14: Model Tyra Banks attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Danielle Herrington attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Ashley Graham attends Sports Illustrated Swimsuit 2018 launch event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Kate Upton attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Olivia Culpo attends Sports Illustrated Swimsuit 2018 launch event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Actress Olivia Culpo attends the 2018 Sports Illustrated Swimsuit Issue Launch Celebration at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Gilbert Carrasquillo/FilmMagic)
NEW YORK, NY - FEBRUARY 14: Aly Raisman attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Sailor Lee Brinkley-Cook attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Danielle Herrington (L) and Tyra Banks attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Tabria Majors attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Haley Kalil attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Iyonna Fairbanks attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Olivia Jordan attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Jasmyn Wilkins attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Raven Lyn attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Chase Carter attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Camille Kostek attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Georgia Gibbs attends Sports Illustrated Swimsuit 2018 launch event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Lais Ribeiro attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Kate Bock attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Robin Holzke attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Myla Dalbesio attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Bianca Balti attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Model Hunter McGrady attends Sports Illustrated Swimsuit 2018 Launch Event at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Craig Barritt/Getty Images for Sports Illustrated)
NEW YORK, NY - FEBRUARY 14: Iyonna Fairbanks attends the 2018 Sports Illustrated Swimsuit Issue Launch Celebration at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Mike Pont/WireImage)
NEW YORK, NY - FEBRUARY 14: Model Vita Sidorkina attends the 2018 Sports Illustrated Swimsuit Issue Launch Celebration at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Gilbert Carrasquillo/FilmMagic) Headline: (Photo by Gilbert Carrasquillo/FilmMagic)
NEW YORK, NY - FEBRUARY 14: Model Robin Holzke attends the 2018 Sports Illustrated Swimsuit Issue Launch Celebration at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Gilbert Carrasquillo/FilmMagic)
NEW YORK, NY - FEBRUARY 14: SI Swimsuit athlete and professional golfer Paige Spiranac attends the 2018 Sports Illustrated Swimsuit Issue Launch Celebration at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Gilbert Carrasquillo/FilmMagic)
NEW YORK, NY - FEBRUARY 14: (L-R) Olivia Jordan, Allie Ayers, Haley Kalil, Camille Kostek, Tabria Majors, and Iyonna Fairbanks attend the 2018 Sports Illustrated Swimsuit Issue Launch Celebration at Magic Hour at Moxy Times Square on February 14, 2018 in New York City. (Photo by Mike Pont/WireImage)
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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.

RELATED: David Koch through the years

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Businessman David Koch arrives at the Metropolitan Museum of Art Costume Institute Gala Benefit celebrating the opening of "Charles James: Beyond Fashion" in Upper Manhattan, New York May 5, 2014. REUTERS/Carlo Allegri (UNITED STATES - Tags: ENTERTAINMENT FASHION BUSINESS HEADSHOT)
Businessman David Koch arrives at the Metropolitan Museum of Art Costume Institute Gala Benefit celebrating the opening of "Charles James: Beyond Fashion" in Upper Manhattan, New York May 5, 2014. REUTERS/Carlo Allegri (UNITED STATES - Tags: ENTERTAINMENT FASHION BUSINESS HEADSHOT)
Businessman David Koch arrives at the Metropolitan Museum of Art Costume Institute Gala Benefit celebrating the opening of "Charles James: Beyond Fashion" in Upper Manhattan, New York May 5, 2014. REUTERS/Carlo Allegri (UNITED STATES - Tags: ENTERTAINMENT FASHION BUSINESS)
EXCLUSIVE. Julia and David Koch, and their son host a party taking place at their home for the Charles Evans PCF Pro-AM TOUR 2012 Hamptons Tournament, benefiting the Prostate Cancer Foundation, in Southhampton, NY on August 18, 2012. The reclusive David Koch has a net worth of $25 billion. He is thought to have bankrolled the tea party, a connection however which he is evasive about. Strongly anti-Obama, he and his brother Charles have poured an estimated $400,000 million into the 2012 campaign. Photo by Art Seitz / ABACAUSA.COM
Businessman David Koch arrives at the Metropolitan Museum of Art Costume Institute Gala Benefit celebrating the opening of "Charles James: Beyond Fashion" in Upper Manhattan, New York May 5, 2014. REUTERS/Carlo Allegri (UNITED STATES - Tags: ENTERTAINMENT FASHION BUSINESS HEADSHOT)
U.S. businessman and philanthropist David H. Koch is seen with an unidentifed guest as he arrives for the Metropolitan Museum of Art Costume Institute Gala 2015 celebrating the opening of "China: Through the Looking Glass," in Manhattan, New York May 4, 2015. REUTERS/Andrew Kelly
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(Reporting by Laharee Chatterjee and Supantha Mukherjee in Bengaluru; Editing by Shounak Dasgupta)

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