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Time Inc's quarterly revenue falls 7 percent


    (Reuters) - Time Inc , the publisher of Sports Illustrated, Time and People, reported a 7.3 percent fall in quarterly revenue, hurt by falling circulation and weak print advertising.

    The company's Total revenue fell to $895 million in the fourth quarter ended Dec. 31 from $966 million a year earlier.

    Net income more than doubled to $145 million, or $1.32 per share, from $66 million, or 61 cents per share, a year earlier.

    Time said it kick started a restructuring plan in fourth quarter that resulted in a pre-tax charge of $28 million, aimed at headcount reductions and other efforts.

    (Reporting By Sai Sachin R and Lehar Maan in Bengaluru; Editing by Savio D'Souza)