By Brian Stelter, CNN
Time Warner's spin-off of its publishing unit Time Inc. will take effect on June 6, when shares in the new company are distributed to investors.
The spin-off details were disclosed in a filing with the Securities and Exchange Commission on Thursday. Shareholders who owned Time Warner (Fortune 500) as of May 23 will receive new shares in Time Inc., which will trade on the New York Stock Exchange under the ticker symbol "TIME.",
Time Warner, which is the parent company of CNN,first announced its intent to move the magazine publishing division into a separate company in March 2013.
Time Inc. owns famous titles like Time, People, Fortune, Sports Illustrated, and Entertainment Weekly. Along with 23 magazines in the United States, the company operates 45 Web sites.
Read more of Brian's article online here.
After a busy year in news, it was anybody's guess who TIME magazine would name "Person of the Year." But when TIME gave Pope Francis its annual award, critics cried foul and questioned its choice. Watch CNN Senior Media Correspondent Brian Stelter, Father Edward Beck and Joe Concha discuss TIME's "Person of the Year," as well as who else could (or should) have been picked.