It Lost Aol. Will Time Warner Now Lose Time In Its Name?
Time Warner may follow the example of News Corp and separate its publishing unit, Time Inc., from its other media holdings, published reports said on Wednesday. As first reported by Fortune magazine, a Time Inc. publication, the company intends to spin-off several of its publications, including People, Entertainment Weekly, and InStyle into a separate company, which it plans to sell to Des Moines publisher Meredith, whose titles include Family Circle, Better Homes and Gardens, and Ladies' Home Journal. Not included in the deal, sources told the publication, is Time magazine, Sports Illustrated, Money magazine and Fortune itself. The New York Times said that Time Warner was holding on to those publications because Meredith didn't want them. But it also quoted a source as saying, Time's name is on the door. ... I think [Time Warner CEO Jeff Bewkes] feels it would be better to hang on to it and not sell it for what would be a low price. Also reporting on the company's plans, Forbes magazine noted, however, that the Time Inc. unit continues to act as an increasing drag on its corporate parent and pointed out that although it shares half the company's brand name, Time Inc.'s 2012 revenue accounted for less than 12 percent of Time Warner's total sales.