Published July 27, 2017 3:31pm EDT | Updated July 27, 2017 4:03pm EDT

Time Inc. Sells Live Events Company INVNT Back To Founders As Part Of Streamlining Strategy

Time Inc. said on Thursday it has sold live events company INVNT back to the company's founding partners. Time bought the INVNT back in 2015 with the hope that live events would help bring targeted audiences to Time's marketing partners. The sale closed on Thursday with no terms disclosed. Selling INVNT is part of Time's plans to condense its portfolio and focus on the core business. Shares of Time have declined 18% in the year to date, while the S&P 500 index has gained more than 10%.