Time Inc (NYSE: TIME) revenue from both sales and advertising fell more than expected during the current quarter. TIME is a publisher of magazines including Marie Claire, NME, Wallpaper and TV Times. Further, the company had said in April that it would not put itself up for sale. The assets identified for sale include Time Customer Service and a majority stake in Essence magazine, the company said. Time said the assets being sold account for about $488m or 17% of total revenues for the 12 months to 30th June. The sale is expected to be announced as early as the fourth quarter. In addition, among the assets TIME seeks to sell are its Time Inc. UK publishing unit, which has more than 60 brands including WorldSoccer, style magazine Wallpaper, and music magazines NME and Uncut., and U.S. magazines Coastal Living, Golf and Sunset.

TIME has last month announced a plan to cut costs by $400m (£294m). The company plans to use a portion of these savings to invest in the future in key growth areas including native and branded content, video, data and targeting, paid products and services, and brand extensions.

Moreover, In the third quarter the print and advertising revenue fell compared with the projection issued during its results call for the second quarter. The company, that has reported a 17% fall in second quarter print and other advertising revenues, had expected an improvement for the three months to 30th September. The revenue of Magazine circulation fell 12% in the quarter to 30th June, while advertising revenue fell by approximately 12% as advertisers continued to switch to online platforms. The company had said that it expected cost savings and efficiency initiatives to offset the fall in advertising revenues.

However, TIME has re-affirmed its adjusted operating income before depreciation and amortization (OIBDA) forecast for the full-year to be in the range of $400 million to $414 million.

On the other hand, the company has received a subpoena from the U.S. Securities and Exchange Commission requiring it to provide documents relating to certain goodwill and asset impairments and some restructuring and severance costs.

Meanwhile, Edward Felsenthal, who led to TIME’s growth from a weekly print magazine to a multi-platform news operation, will become TIME’s top editor.