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UPDATE, 1:41 PM: Meredith, the publisher of Family Circle and the Ladies’ Home Journal, is the company that’s negotiating to buy Time Inc magazines, Fortune now says citing “two people familiar with the matter.” Meredith shares, which had been down about 3.5% in mid-day trading, rebounded after the report to close at $37.98, -0.1%. Time Warner closed +0.7% to $52.85, a 52-week high.
PREVIOUS, 10:24 AM: This is one story that you can be sure the editors of Time Inc‘s Fortune nailed down before posting today. The magazine says that its parent company “has begun discussions to separate itself” from the publishing operation, which generated $3.4B in revenue last year, citing “three people familiar with the matter.” It adds that there’s at least one “serious buyer” who will be in today to discuss a possible deal. Fortune notes, though, that negotiations are “still in a formative stage and may never come to fruition.” Yet the magazine says that in one scenario being considered Time Warner would hang on to Time, Sports Illustrated, and Fortune and sell most or all of its other publications including People, InStyle, and Real Simple. Investors have long wondered whether Time Warner would jettison publishing, which was once considered the heart and soul of the company but — like many print media providers — has struggled in the digital era. CEO Jeff Bewkes told CNBC recently that “we will keep investigating” what to do with publishing. Previously he and other execs scoffed when asked whether the company might follow News Corp’s lead and begin to separate publishing from Time Warner’s healthier entertainment assets. (News Corp is creating a new publicly traded company for its newspapers.) CFO John Martin told investors a few weeks ago that “very challenging industry conditions weighed on Time Inc’s results for both the quarter and the year.” At the end of January, Time Inc said it would slash about 6% of its global workforce. When Time Inc and Warner Communications merged in 1990, execs assured Congress and others that the entertainment assets would provide the cash needed to protect the newsgathering operations.
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How is that possible!?!? Didn’t WB get the whole DC universe via the Time AOL WB merger back in the 90s? If they sell of Time Inc, won’t they loose the rights to produce epic fails like Green Lantern?
What??
DC is part of Warner Bros, not Time Inc. So producing films off of comic fare will not be a problem if they dump Time Inc assets.
WB has owned DC Comics and all of its assets since 1971 (or maybe 1970) when the company then called Warner Communications under CEO Steve Ross bought it. DC is part of the movie studio and is no more connected to Time Inc than it is to CNN.
According to Wikipedia: “In 1967, National Periodical Publications (DC) was purchased by Kinney National Company, which later purchased Warner Bros.-Seven Arts and became Warner Communications.” It was in 1971 that Kinney, headed by Steve Ross, spun off all of its entertainment assets and called the whole thing Warner Communications.
Details aside, the bottom line is that DC and Time have never been affiliated.
What about HBO? It was part of Time, Inc.
I’m sure they’ll keep that and sell the publishing.
So would they keep “Time” in the company’s name?
So the four current divisions of TW are Time Inc., HBO, Warner Bros. and Turner. They’ve sold or spun-off Warner Music, TW Cable, and AOL, and New Line’s now another WB imprint. They may or may not sell most of Time Inc. And of course they may sell the decade-old massive Time Warner Center in New York.
My, how times change. I remember when they were the big dog. Now I think they’re behind Disney and News Corp., but ahead of Viacom and CBS. As for this story, maybe they just want to keep Time Magazine so they don’t have to change the name of the company. Again.
Call me when they wanna sell Hanna-Barbera.
Might as well sell Hanna-Barbera. They only produce new Scooby Doo videos and nothing else from the library unless you count Tom and Jerry, which was created by Hanna and Barbera but part of MGM.
They could still sell the old stuff.
Right, Kenny. Despite Time Warner’s exit from the music business, Warner Music Group – W.M.G. – curently has a royalty-free license from Time Warner (TW) for the use of Warner Bros. (WB) trademarks on recorded music entertainment under Warner Bros. Records (WBR). WB recording artists include Reprise acts such as Disturbed and A/C tenor Josh Groban, among others.
HBO won’t get sold off if Time Warner plans to sell off Time Inc. I read that they’re going to focus on Warner Bros., HBO, and Turner years ago. So they might rename the company to Warner Entertainment or just combine HBO under Warner Bros. Entertainment.
Are they keeping Entertainment Weekly?