Time Warner rejects Meredith deal, will spin off all magazines

Time Warner has decided against a deal to sell most of its magazines to Meredith and instead will launch all of its titles as a separate unit. "A complete spinoff of Time Inc. provides strategic clarity for Time Warner Inc., enabling us to focus entirely on our television networks and film and TV production businesses, and improves our growth profile," said Time Warner CEO Jeff Bewkes. Time Inc. CEO Laura Lang will depart after she helps select her successor at the new company.

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