Time Inc: The New York-based diversified publishing...

Time Inc: The New York-based diversified publishing and media firm said its first-quarter profit tumbled 26% to $49 million due to a 7% drop in operating earnings from its magazines, heavier interest expenses and costs related to its pending merger with Warner Communications. Revenue rose 7% to $1.14 billion. The revenue increase, due mainly to strong circulation at Sports Illustrated and People, were more than offset by higher print order expenses.