Meredith Corp. reported a loss from continuing operations for the third quarter of $95 million and a net loss of $110 million in the quarter, compared with net earnings of $40 million in the year-ago quarter. The loss resulted from recording pretax special items of $170 million, primarily consisting of restructuring, financing and transaction costs related to its acquisition of Time Inc. Excluding special items, earnings from continuing operations were $33 million, compared with $40 million in third-quarter 2017. Total company revenues from continuing operations were $649 million in the third quarter, compared with $425 million in the quarter a year ago. During the third quarter, the Des Moines-based media company closed on the acquisition of Time Inc., and subsequently announced it’s now exploring the sale of Time magazine, Sports Illustrated, Fortune, Money and affiliated media brands. The company also completed a sales restructuring plan. Meredith said it now expects to achieve more than $500 million of annual cost savings in the first full two years of combined operations. "With these initiatives, we have set a goal to reduce our debt by $1 billion by the end of fiscal 2019, and generate $1 billion of EBITDA [earnings before interest, tax, depreciation and amortization] in fiscal 2020,” Meredith Executive Chairman Steve Lacy said in a release. “These achievements are expected to reduce our debt level to 2x EBITDA, and meaningfully contribute to total shareholder return."