Time Warner Sets Date for Time Inc. Spinoff
Time Warner has set June 6 as the date it will split into two separate companies: one called Time Inc., consisting of its magazine assets; the other to remain Time Warner, housing the film and TV properties.
After the split Time Warner shareholders will own 100 percent of Time Inc., receiving one share of the latter for each eight shares of the former that they own. The distribution is for shareholders of record as of May 23.
Shares of Time Inc. will trade on the New York Stock Exchange under the symbol "TIME" and Time Warner will continue on the same exchange under the current symbol, "TWX."
"It is my pleasure to welcome you as a shareholder of our company," Time Inc. CEO Joe Ripp said in a letter to Time Warner shareholders. "We are one of the largest branded media companies in the world, reaching more than 130 million people each month across print and digital platforms. Our category-leading portfolio includes People, Sports Illustrated, Time and InStyle."