Blue Fin building up for sale for £400m as Time Inc battles losses

The publisher said advertising revenues to blame

Time, which employs 1700 people in the UK, hopes to make £400 million on the Blue Fin building. Time Inc UK has owned it since it was completed in 2007 (Mike Kemp/In Pictures/Corbis)

NME, Marie Clare and People magazines may get a new landlord once the sale of the Blue Fin building goes through. Publisher Time Inc has put the futuristic blue skyscraper on the Southbank up for sale as it continues to battle falling advertising revenue.

Time said sales fell $680 million in the first quarter of 2015, down from $745 million in the same period last year, partly because of the strength of the US dollar.

Net losses were down from $74 million in the first three months of 2014 to $9 million so far this year, while advertising revenues were down 9 per cent. Print revenues fell by 12 per cent in the quarter.

In a statement Time said that falling revenues were "driven primarily by fewer advertising pages sold due to lower demand".

Time, which employs 1700 people in the UK, hopes to make £400 million on the Blue Fin building. Time Inc UK has owned it since it was completed in 2007.