Time Warner has pushed the pause button on its plans to spin off its Time Inc publishing unit, home to Time, People and Sports Illustrated magazines.
The media group previously was expecting to complete the separation of the unit from its television and film business by the end of 2013 but said on Wednesday that it had decided to put those plans on hold until early next year. The delay is designed to give Joseph Ripp, who was named chief executive of Time Inc last month, more time to refine his strategic direction for the struggling unit.
"Our top priority in the spin-off is to make sure we put Time Inc at the best possible position," Jeff Bewkes, chief executive of Time Warner, said during a call with analysts. "Rather than rush to complete the transaction this year, we decided it is prudent to give Joe some time."