Time Inc. Spinoff Delayed Until Early Next Year
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Time Warner said Tuesday that it won’t complete its plan to separate Time Inc. division into an independent company this year as anticipated, prolonging a period of uncertainty at the publishing division just a little bit longer.
Executives now intend to complete the spinoff early next year, Time Warner CEO Jeff Bewkes said during a conference call with analysts to discuss the company’s second quarter results, to ensure the best position for Time Inc. as it starts life on its own. Mr. Bewkes also said he didn’t want to rush Joe Ripp, who was named Time Inc.’s latest CEO last month and doesn’t officially start until September.
Time Warner reported second-quarter profit that topped analysts’ estimates, boosted by higher advertising revenue at its cable networks, which include TNT, HBO and CNN.
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