Time Warner Spinning off Magazines

Time Inc. to become independent, publicly traded company

Time Warner is getting out of the magazine business.

The media conglomerate said Wednesday that it'll spin off its publishing division, Time Inc., as an independent, publicly traded company later this year. It also ended talks to sell several magazine titles to Meredith.

The spinoff follows an announcement by News Corp. to separate its entertainment and publishing businesses into two companies, a move that will be completed later this year.