Magazine unit spin off of from Time Warner will now be in "early 2014"
Time Warner is delaying its plans to spin off its magazine unit into a separate public company called Time Inc. by a few months, CEO Jeff Bewkes announced during a call to discuss its most second quarter earnings report on Wednesday.
The spin-off was supposed to be complete by the end of 2013; it will now be done sometime in "early 2014."
Also read: Time Inc. Names Joseph A. Ripp as New CEO
It's "prudent to give Joe some time to refine the strategic direction," Bewkes said, referring to newly-announced Time Inc. CEO Joseph Ripp, adding that the top priority is to put Time Inc. in the "best position to succeed."
Time Warner is likely itching to get rid of the publishing division, which dragged down an otherwise strong quarter for the company, buoyed by "Man of Steel's" box office returns.