Time Warner Inc will soon be without the magazine unit that provided the foundation for the company and the first part of its name.Time Inc, the division that publishes titles like Time, Fortune and People, will be spun off into a separate company, Time Warner said late Wednesday, ending weeks of merger negotiations with Meredith Corp.The process to separate Time Inc into an independent public company will likely take place by the end of the year.Time Warner CEO Jeff Bewkes wrote in an internal memo obtained by Reuters that, "although change can be unsettling," Time Inc's "great legacy will live on as embarks on this new journey as a publicly-traded company."
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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