Cheddar Afternoon Business Update, 8/8: Time, Inc. sees 12% drop in ad sales

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NEW YORK -

Time, Inc. posted a lower-than-expected revenue, hurt by a 12 percent drop in ad sales. The company, which publishes Sports Illustrated and People Magazine, says it will continue working on a turnaround plan and will cut another 300 workers.

Amazon is selling some self-produced items on its website through AmazonBasics like iPhone chargers, power strips, backpacks and washcloths. According to business website Quartz, the e-commerce giant keeps an eye on what products are selling the fastest and then creates its own versions to sell for less.

David Letterman has signed on to do a six-episode talk show with Netflix. The former "The Late Show" host will conduct one in-depth interview with a guest per hourlong episode. The show will premiere in 2018.

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