Meredith is putting Fortune, Time magazines on the block

Company hopes to complete sale by June

NEW YORK (CNNMoney) - Time, Fortune and Money magazines are officially up for sale.

Media company Meredith, which recently acquired Time Inc., is planning to announce the sale process after the market closed on Wednesday, according to a person involved in the process.

Staffers were informed of the plan during town hall meetings on Wednesday afternoon.

There are multiple prospective buyers for the magazines, Meredith CEO Tom Harty said, according to staffers who were at the meetings.

The staffers requested anonymity to describe internal conversations.

Harty told the staffers that Meredith hopes to complete the sales process by June.

The executives "were very upfront," one of the staffers said. "Sounds like there are several buyers but they may have one in mind. They mentioned wealthy individuals, some of whom have journalistic backgrounds."

Meredith had previously signaled that it was likely to sell off weekly titles like Time when it bought Time Inc. Meredith's interest was primarily in the company's monthly and female-focused lifestyle magazines like Better Homes and Gardens and Martha Stewart Living.

A Meredith spokesman declined to comment.

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