Time Warner spinning off print division Time Inc. to focus on film and TV businesses
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Time Warner spinning off print division Time Inc. to focus on film and TV businesses
Time Inc. has been struggling in recent months, and now parent company Time Warner has announced it is spinning off the division entirely. In a statement today, Time Warner CEO Jeff Bewkes said that the decision had been reached after reviewing an assortment of options, and that the move — scheduled to be completed by the end of the year — will allow Time Warner to “focus entirely on our television networks and film and TV production businesses.” Time Inc. is responsible for such publications as Time, People, and Sports Illustrated.
Roughly six percent of the Time Inc. workforce was laid off this past January, as its sales in the first nine months of 2012 dropped over six percent in comparison to the same time period in 2011….
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