Time Warner Announces Plan to Spin Off Time Inc.
Time Warner announced on Wednesday a plan to spin off its publishing unit Time Inc. as in independent, publicly traded company.
The company plans to complete the process by the end of the year.
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"After a thorough review of options, we believe that a separation will better position both Time Warner and Time Inc.," Time Warner Chairman and CEO Jeff Bewkes said in a statement.
"A complete spin-off of Time Inc. provides strategic clarity for Time Warner Inc enabling us to focus entirely on our television networks and film and TV production businesses, and improves our growth profile."
Time Inc. CEO Laura Lang will be stepping down, but agreed to stay on until a successor has been found.
Time Inc. includes magazine titles such as Sports Illustrated, Fortune, People, and Time.