Shares of Time Inc ebbed on Monday in the magazine publisher's first trading session since its spinoff from Time Warner Inc, even as CEO Joe Ripp vowed to expand a business he said had been starved of capital for years.Time Inc, whose titles include People, Sports Illustrated and its namesake Time magazine, will now operate without the cushion provided by such lucrative Time Warner Inc cousins as the HBO family of pay-TV channels or the Warner Bros movie studio.The spinoff, which follows a strategy pursued by News Corp and other media companies, is a response to a steady decline in magazine circulation and advertising revenue as consumers shift to reading news and entertainment content on smartphones and tablets.Ripp said in an interview on Monday that Time Inc, no longer beholden to its parent for capital, could now plow more cash back into its business and take the company beyond its core print products. He sees acquisitions in newsletters and the digital sector as a possibility.
News Corporation is a diversified media and information services company. Shares of NWSA fell by 0.17% or $-0.03/share to $17.66. In the past year, the shares have traded as low as $14.39 and as high as $18.53. On average, 2476480 shares of NWSA exchange hands on a given day and today's volume is recorded at 1958614.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX traded higher by 1.25% or $0.85/share to $68.99. In the past year, the shares have traded as low as $55.71 and as high as $71.62. On average, 5357610 shares of TWX exchange hands on a given day and today's volume is recorded at 5979522.
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