CEO Jeff Bewkes says that Joseph Ripp, who’ll become Time Inc’s CEO next month, needs some time to establish himself at the publishing company. “Having someone of Joe’s caliber in place is a key element” in the spin off, Bewkes told analysts in a conference call to discuss Q2 earnings. The brief delay, from the goal to complete the spin off this year, “will give Joe some time to refine” the business plan. Ripp was a long-time exec at Time Inc and Time Warner before he left the company in 2004. Time Warner disclosed this morning that the publishing operation’s financials continued to slip in Q2. With cost cutting, operating income increased 28% to $124M, but revenues fell 3% to $833M. The company’s report attributes that to a 5% drop in ad revenues and 7% decline in subscription revenues.

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