Time Warner to Spin Off Time Inc. Magazine Division
Yesterday afternoon, Time Warner surprisingly announced that it would spin off its magazine publishing division, Time Inc., into a separate public company. The company had previously been in talks to merge parts of the Time Inc. magazine portfolio with Meredith to form a new company, but the negotiations fell apart over some of Time’s most prestigious titles – Time, Sports Illustrated, Fortune and Money – which Meredith didn’t want to include in the deal.
Time Inc. will be the latest in a row of prominent assets that Time Warner has freed itself of. In recent years, the company spun off AOL, Time Warner Cable and the Warner Music Group, in a bid to re-focus on its TV networks and filmed entertainment divisions. The spin off is scheduled to be completed by the end of the calendar year.
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