Time Warner to spin off Time Magazine

Time Magazine Time Magazine has been struggling with falling sales

Related Stories

Media giant Time Warner has announced plans to spin off its Time Inc magazine unit into an independent, publicly traded company by the end of the year.

Time Inc is the company behind publications including Time, Sports Illustrated, Fortune and People.

Last month, Time Warner reported a rise in profits but said revenues at Time Magazine had fallen 7%, adding that it planned to restructure the business.

The publishing industry has suffered as readers and advertisers move online.

"After a thorough review of options, we believe that a separation will better position both Time Warner and Time Inc," Time Warner chief executive 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."

Media company Meredith, which had been in talks with Time Warner about combining their magazines, said it respected Time Warner's decision.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

More Business stories

RSS

Features

  • Peaky Blinders publicity shotBrum do

    Why is the Birmingham accent so difficult to mimic?


  • Oliver CromwellA brief history

    The 900 year story behind the creation of a UK parliament


  • Two sphinxes guarding the entrance to the tombTomb mystery

    Secrets of ancient burial site keep Greeks guessing


  • The chequeBig gamble

    How does it feel to bet £900,000 on the Scottish referendum?


  • Tattooed person using tabletRogue ink

    People who lost their jobs because of their tattoos


BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.