Less than a few months after Newsweek stopped printing its hard copy edition, Time Warner announced Wednesday that it expected to toss its magazine subsidiary—Time, Inc.—from the nest by the end of the year, focusing instead on film and television projects.
"After a thorough review of options, we believe that a separation will better position both Time Warner and Time Inc.," wrote Time Warner CEO Jeff Bewkes in a statement. "A complete spinoff 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."
Prior to Wednesday's announcement, The New York Times reported that Time Inc. had been in talks to sell some of its other magazine titles to Meredith, but those talks have since cooled off. The Times reports that Meredith wasn't interested in buying iconic magazines Fortune, Sports Illustrated or Money, titles that continue to struggle, and which Time Warner appeared eager to shed.