Time called on Time Warner magazine business

6c96time called on time warner magazine business Time called on Time Warner magazine business

The company announced on Wednesday merger talks have collapsed.Time Warner Inc considered the benefits from a spin-off weregreater than the merger with Meredith, the Wall Street Journal saysreferring to a person familiar with the situation.”After a thorough review of options, we believe that aseparation will better position both Time Warner and TimeInc.,” Time Warner CEO Jeff Bewkes said in a statement. “Acomplete spin-off of Time Inc. provides strategic clarity for TimeWarner Inc., enabling us to focus entirely on our televisionnetworks and film and TV production businesses, and improves ourgrowth profile.”Meredith Chief Executive Stephen Lacy said “there are naturalsynergies between our two portfolios; however, we respect TimeWarner’s decision.”As the result of the spin-off Time Inc. will become a separatepublic company, The Wall Street Journal reports. CEO Laura Langwill oversee the transition and leave after her successor isnamed.Time Warner’s decision to get rid of the magazines business comesas the printed magazine industry has been facing a sharp decline insales and hence a steady drop in advertisers’ interest inmagazines.Leaving the magazine industry, Time Warner will be left with filmand television businesses to run. The media giant owns Warner Bros.film studio, and several cable channels including HBO, CNN and TNT.Over the past decade Time Warner also got rid of Warner Music andTime Warner Cable among other assets.A spokesman said Time Warner hasn’t yet addressed the question ofwhether it would drop Time from its corporate name.

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Time called on Time Warner magazine business

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