Posted by: youngragingbull | March 6, 2013

Time Warner gets go-ahead for magazine spin-off

Time Warner Inc. late Wednesday said its board has approved plans for management to move forward with spinning off its Time Inc. magazine group into an independent, publicly traded company.

Time Warner plans to complete the transaction by the end of 2013.

A 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,” said Time Warner Chief Executive Jeff Bewkes in a statement. “As we saw with the prior spin-offs of Time Warner Cable and AOL, we expect the separation will create additional value for our stockholders.”

Time Inc. CEO Laura Lang plans step down, and will participate in searching for the new head of the company.

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