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Time Warner hopes to focus on film and television by detaching the Time Inc. publishing company, ending talks with Meredith to buy several magazine titles.
Massive magazine publisher Time.Inc will split from parent company Time Warner, the company announced on March 6th, in a transition that's expected to be completed at the end of the year.
The conglomerate hopes to focus primarily on film and television with the move, wrote AFP, and will create a fully separate company.
Read more from GlobalPost: Time Warner may sell Time Inc.
"After a thorough review of options, we believe that a separation will better position both Time Warner and Time Inc.," said Time Warner CEO Jeff Bewkes in a statement about the move.
"A complete spinoff of Time Inc. provides strategic clarity for Time Warner Inc., enabling us to focus entirely on our television networks and film and TV production businesses, and improves our growth profile."
Time Inc. CEO Laura Lang doesn't plan on staying around for the change but will help to choose a successor, noted the press release from Bewkes, who stated that Lang "has been a great partner who has given Time Inc. forward momentum to make this transition possible, and I look forward to working with her to select the right leader to head the company as an independent entity."
Prior to the announcement, Time Inc. had been in talks to sell some women's magazine titles to Meredith, wrote the New York Times, but the talks are now over for the time being.
Meredith wasn't interested in buying iconic magazines Fortune, Sports Illustrated, Fortune, and Money, added the Times, titles that continue to struggle, and which Time Warner appeared eager to shed.