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

Posted: Updated:
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.

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 5 view limit
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please login, create an account or subscribe to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."