Cheddar Afternoon Business Report 8/8: David Letterman signs with Netflix

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NEW YORK -

Time Inc. has posted lower than expected revenue, hurt by a 12 percent drop in ad sales.

The company which publishes Sports Illustrated and People Magazine says it will continue working on a turnaround plan and will cut another 300 workers.

Meanwhile, Amazon is secretly selling some self-produced items on its website through Amazon Basics. Anything from iPhone chargers and power strips to backpacks and washcloths can be found on the website.

Lastly, David Letterman has signed on to do a six-episode talk show with Netflix. The former Late Show host will conduct one in-depth interview with a guest per hour long episode. It will premiere in 2018.

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