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Friday, November 22, 2013

Time Warner's magazine unit files for spin-off, (NYSE: TWX)

Time Warner Inc moved another step closer to spinning off its magazine assets as Time Inc, the publisher of People, Fortune and the eponymous newsweekly Time, filed with regulators on Friday to list itself as a standalone company. The filing indicated that Time Inc would list its common stock in 2014 but did not reveal the number of shares to be sold or the symbol they would be traded under.Time Inc, which also publishes the Sports Illustrated magazine, reported revenue of $2.39 billion for the nine months ended September, more than half of which came from advertising.The company reported net profit of $135 million for the period and long-term debt of $37 million.Following the spin off, Time Warner will own no equity interest in Time Inc.

Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX traded higher by 0.06% or $0.04/share to $66.99. In the past year, the shares have traded as low as $45.18 and as high as $70.77. On average, 4170750 shares of TWX exchange hands on a given day and today's volume is recorded at 3765294.