Time Warner (TWX) Plans to Spin off Time Inc.

March 6, 2013 5:41 PM EST
Time Warner Inc. (NYSE: TWX) today announced that its Board of Directors has authorized management to proceed with plans for the complete legal and structural separation of Time Inc. from Time Warner. Following the proposed transaction, Time Inc. would be an independent, publicly traded company. Time Warner aims to complete the proposed transaction by the end of the calendar year.

The proposed transaction will be structured as tax-free to Time Warner stockholders. The transaction is contingent on the satisfaction of a number of conditions, including completion of the review process by the Securities and Exchange Commission of required filings under applicable securities regulations and the final approval of transaction terms by Time Warner’s Board of Directors.

Meredith Corporation (NYSE: MDP) held discussions with Time Warner regarding a potential combination of Meredith's National Media Group with Time Inc.'s Lifestyle and Style & Entertainment brands.

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