URGENT ¥¥¥ Time Warner to spin off publishing unit Time Inc.

Time Warner said Wednesday it would spin off its publishing arm Time Inc. as a separate company by the end of the year, allowing the US conglomerate to focus on its television and film operations.

Chief executive Jeff Bewkes said in a statement that a spinoff "provides strategic clarity for Time Warner Inc., enabling us to focus entirely on our television networks and film and TV production businesses."