NEW YORK--(BUSINESS WIRE)--
Time Warner Inc. (NYSE:TWX) today announced that it has completed the
previously announced spin-off of Time Inc. (NYSE:TIME) from Time Warner.
Immediately after 11:59 p.m. EDT on June 6, 2014, Time Warner
distributed all outstanding shares of Time Inc. common stock to Time
Warner shareholders at a distribution ratio of one share of Time Inc.
common stock for every eight shares of Time Warner common stock held on
the May 23, 2014 record date.
Starting today, June 9, 2014, Time Warner stock will no longer include
the value of Time Inc.
Commenting on the spin-off, Time Warner Chairman and Chief Executive
Officer Jeff Bewkes said: “The spin-off of Time Inc. completes the
process we began several years ago to position Time Warner as the
world’s leading video content company. Our strategy reflects our
commitment to delivering strong returns to our shareholders as we light
up the world with the best storytelling. The spin-off gives Time Warner
even more focus as we continue to deliver on this strategy.”
Please see http://www.timewarner.com/investors
for additional information, including Frequently Asked Questions,
regarding the spin-off of Time Inc.
About Time Warner Inc.
Time Warner Inc., a global leader in media and entertainment with
businesses in television networks and film and TV entertainment, uses
its industry-leading operating scale and brands to create, package and
deliver high-quality content worldwide on a multi-platform basis.
Time Warner Inc.
Michael Kopelman 212-484-8920
Source: Time Warner Inc.