Thu March 7, 2013
Time Warner To Spin Off Magazine Unit
Originally published on Thu March 7, 2013 5:20 am
STEVE INSKEEP, HOST:
NPR's business news starts with a Time Warner split.
(SOUNDBITE OF MUSIC)
INSKEEP: You may recall when Time Inc. merged with Warner Brothers, huge, huge media merger. And now it's time for a little entropy. Last night, Time Warner announced its spinning off its magazine unit. That includes publications like, "Time Magazine," "Sports Illustrated" and "People."
A statement from the company says that unit will become a separate, publicly-traded company by the end of the year, and allow Time Warner to focus on its TV side - HBO, CNN and TNT, among other things. Time Warner had been in talks to combine its magazines with another company but those negotiations broke down. Transcript provided by NPR, Copyright NPR.