Time Warner To Spin Off Iconic Magazine Unit By Year End

Law360, New York (March 7, 2013, 2:08 PM EST) -- Time Warner Inc. said Wednesday that it will spin off Time Inc., owner of the People and Sports Illustrated magazine brands, as an independent publicly traded company by the end of year, a day after talks to sell the venerable publishing division to Meredith Corp. fell apart.

The New York-based media conglomerate said in a brief release that its board of directors has authorized management, led by chairman and CEO Jeff Bewkes, to start the process of separating Time from Time Warner. The spinoff, which is...
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