Time Warner spinning off Time Inc. starting May 23
Time Warner will officially start to spin off its Time Inc. publishing unit as its own publicly-traded company on May 23, according to an S.E.C. filing submitted by the company. Following the spinoff, Time Warner will continue to be listed on the New York Stock Exchange as "TWX," while Time Inc. will be listed as "TIME."
At 5 p.m. on May 23, Time Warner shareholders can receive one share of the new Time Inc. stock for every eight shares of Time Warner stock they hold. The distribution will end on June 6, after which point the spinoff will be official.
Even though the company underwent a significant restructuring earlier this year, which saw some 500 employees laid off, Time Inc. executives warned in the S.E.C. filing that "we anticipate additional headcount reductions and real estate consolidations in the future." They also expect to save approximately $50 million when the lease on the current office space at the Time Life Building expires due to "a substantial reduction in our future space needs."
You can read the full S.E.C. filing here: http://goo.gl/oi97vg