Time Warner to spin out its magazine unit
March 6 (Reuters) - Time Warner Inc said on Wednesday it plan to separate its publishing unit Time Inc as in independent, publicly traded company.
The company plans to complete the process by the end of the year.
"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 includes magazine titles such as Sports Illustrated, Fortune, People and Time.
March 6- Time Warner Inc said on Wednesday it plan to separate its publishing unit Time Inc as in independent, publicly traded company. "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.