Time Warner to spin out its magazine unit

Time Warner will soon be without the magazine unit that provided the foundation for the company and the first part of its name.

Time Inc, the division that publishes titles like Time, Fortune and People, will be spun off into a separate company, Time Warner said late on Wednesday, ending weeks of merger negotiations with Meredith Corp.

The process to separate Time Inc into an independent public company will likely take place by the end of the year.

via Business feed http://www.scmp.com/business/companies/article/1185311/time-warner-spin-out-its-magazine-unit