In another sign of the changing media landscape Time Warner is breaking up with Time Inc.
The media and entertainment giant announced it will spin-off Time Inc into a separate, publicly traded company. The decision comes after talks with the Meredith Corporation to buy some of Time Inc.'s magazines collapsed.
Meredith had intended to leave behind four of the company's iconic but struggling news and sports magazines — Time, Sports Illustrated, Fortune, and Money. But Amy Chozick, a reporter for The New York Times, says concerns about the viability of those magazines led to the deal falling apart.
“Time Warner said maybe it just makes sense for us to spin off all the magazines rather than be stuck with these four,” she told WNYC’s Soterios Johnson, “So it’s really interesting how it hinged on these four that kind of gave the company their identity.”
The weekly news magazine, Time, just celebrated its 90th anniversary this week.
Listen to Soterios Johnson’s full interview with Amy Chozick above.