Time Warner Inc plans to spin out its division that publishes titles like Time, Fortune and People into a separate company, ending weeks of merger negotiations with Meredith Corp.Time Warner said on Wednesday that the process to separate Time Inc into an independent public company will likely take place by the end of the year.In a separate statement, Meredith said it had been in talks to combine Time Inc's titles that focus on lifestyle and entertainment including People and InStyle with Meredith's titles such as Everyday Living with Rachael Ray and Better Homes and Gardens into a new publicly traded company."We respect Time Warner's decision and certainly remain open to continuing a dialogue on how our companies might work together on future opportunities," Meredith Corp CEO Stephen Lacy said in a statement.
Meredith Corporation (Meredith) is a media and marketing company. Shares of MDP fell by 2.09% or $-0.86/share to $40.30. In the past year, the shares have traded as low as $26.89 and as high as $45.95. On average, 630165 shares of MDP exchange hands on a given day and today's volume is recorded at 820016.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX traded higher by 0.74% or $0.41/share to $55.46. In the past year, the shares have traded as low as $33.62 and as high as $55.55. On average, 5906960 shares of TWX exchange hands on a given day and today's volume is recorded at 8275123.
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