Time Warner announces its plans for spinning off Time Inc.
Time Warner today made official what everyone has known for awhile: it will spin-off its magazine divisions. To do so, the company will raise $1.4 billion in debt through an offering of unsecured senior notes.
The move, widely expected, comes in an environment where several diversified media companies are contemplating either spinning off its print properties, or selling them. The Tribune Company is looking to either sell off or spin off its newspaper properties (it’s official position is to spin off); Gannett has denied that it might sell off its print newspapers but it recently boosted its broadcast holdings and its has consolidated its print production assets; Doug Manchester, owner of the San Diego U-T is rumored to want out; McClatchy today announced it had sold the Anchorage Daily News to Alaska Dispatch Publishing.