Time Inc.’s stock took a drubbing on Tuesday as the company released its third-quarter results and lowered its earnings estimate for the full year for the second time.

The biggest culprit was a continuing decline in print ad revenue for the publisher of Time, Sports Illustrated and People, among others.

The stock closed at $21.32 down 6.9 percent.

Time Inc.’s Chairman and CEO Joe Ripp said, “Our third-quarter Adjusted Operating income before depreciation and amortization performance was better than expected given strong growth of digital advertising revenues and benefits of our efficiency initiatives. However, as a result of the weakening of print advertising trends late in the quarter, we are taking steps to counter the revenue headwinds.”

Revenue actually grew slightly to $821 million from $818 million a year earlier. Digital advertising revenue was up 5 percent to $65 million — but overall advertising was flat at $428 million.

Ripp, who has said he thinks conventional magazines will ultimately disappear within the next two decades, also unveiled a new partnership with Emiliano Calemzuk, and his newly-formed company, Rampante, to establish a stand-alone development and production unit dedicated to creating a multi-platform video library.

Rampante will also assist Time Inc. in developing distribution models.