Time Inc. sold its share of the Time & Life Building.

The company said it sold its 45% interest in the landmark headquarters building in New York for $118 million, continuing cost-cutting moves linked to possible takeover threats and flagging national advertising. The buyer of the 48-story building was the majority owner, Rockefeller Group Inc., the holding company set up by the heirs of John D. Rockefeller to oversee the prestigious Rockefeller Center office complex in midtown Manhattan.