NEW YORK (AP) — Time Warner Inc. said Monday that it completed the spinoff of magazine publisher Time Inc. into a separate, publicly traded company, as it focuses on its other media properties.
As part of the spinoff, Time Warner shareholders were given one share of Time for every eight Time Warner shares they owned as of May 23. Time Inc. publishes People, Time and Sports Illustrated magazines, among other titles, and had been a cornerstone of Time Warner.
New York-based Time Warner owns cable TV channel HBO and Warner Bros. studios. Shedding the publishing arm should help the company focus on being a video content company, Time Warner CEO and Chairman Jeff Bewkes said in a statement.
Shares of Time Warner rose 68 cents to $68.82 in morning trading Monday.
Shares of Time Inc., which had been trading on a when-issued basis under the symbol "TIME" on the New York Stock Exchange, dropped $1.01, or 4.3 percent, to $22.47 in morning trading Monday.