Time Inc. spins off from Time Warner on June 6
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Time Warner, the diversified media company that owns CNN, TNT and several popular magazines, said Thursday its planned spinoff of its magazine division, Time Inc., will take place on May 23, a corporate maneuver to protect the parent company from the fallout in print advertising.
After the spinoff, shareholders of Time Warner will own all outstanding shares of Time Inc., which will be publicly traded and operate under its own CEO, Joe Ripp.
Time Warner shareholders will receive one share of Time Inc. common stock for every eight shares of Time Warner common stock they hold.
Time Inc. will be listed on the New York Stock Exchange, trading under the symbol 'TIME.'
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