NEW YORK – Time Warner has announced it will spin off its publishing arm Time Inc. by the end of the year, allowing the U.S. conglomerate to focus on its television and film operations.
Chief executive Jeff Bewkes said in a statement Wednesday that a spinoff “provides strategic clarity” for the media-entertainment giant. The announcement comes after unsuccessful talks to sell some of the titles in the Time Inc. group, and as rival News Corp. is doing a similar split of its entertainment and publishing operations.
Time Warner said its board had authorized management “to proceed with plans for the complete legal and structural separation of Time Inc. from Time Warner,” which would make the publishing unit a “an independent, publicly traded company.”
The firm publishes 21 U.S. magazines, including its flagship Time magazine, People, Fortune and Sports Illustrated. It has 25 websites and several international magazines, among them global editions of Time and Fortune and publishing operations in Britain and Mexico.