Mag Bag: Time Inc. To Go Public On June 6

Time Inc. will debut as a publicly traded company on the New York Stock Exchange on June 6th, following its scheduled spinoff from Time Warner on May 23rd, according to an official filing by Time Warner with the Securities and Exchange Commission last week. Time Inc has many storied brands, including Time, EW, Travel + Leisure and Sports Illustrated.
 
Current Time Warner shareholders will receive one share of stock in Time Inc. for every eight shares of Time Warner. The total amount of stock awarded to Time Inc. shareholders will thus amount to 110.3 million shares, divided among over 700,000 shareholders.

Shareholder approval of the spinoff is not required.
 
While the filing noted a number of positive benefits from the spinoff, including “strategic clarity” and stronger incentives for management, it also addressed the underlying financial motive for parting ways from Time Warner: “We have experienced declines in our print advertising revenues due to both shifts by advertisers from print to digital and weak domestic and global economic conditions, which have also adversely affected our circulation revenues.”
 
Time Warner shareholders had been beating the drums for the parent company to spin off the struggling magazine division for years before Time Warner finally announced the decision in March 2013.
 
The fortunes of Time Inc. have traced the magazine industry as a whole over the last decade, with the publisher’s total advertising revenues falling from $2.7 billion in 2007 to $1.8 billion in 2013, while subscription revenues fell from $1.52 billion to $1.13 billion over the same period.
 
Saveur Serves Up Drink
 
Saveur is unveiling a new supplement, Drink, devoted to the wonderful world of alcoholic beverages. The new 20-page supplement, mailed to subscribers with the June/July issue, features articles on trends and discoveries ranging from artisanal champagne to cocktail tips and ice carving. Drink is led by Saveur executive editor Betsy Andrews, and will feature contributions by Saveur contributing drinks editor Camper English, Jon Bonné of The San Francisco Chronicle and beer writer Joshua Bernstein, among others. The next issue is due out in November.
 
Travel + Leisure To Host Europop Event
 
Travel + Leisure is joining forces with the European Travel Commission to present Travel + Leisure Europop, a consumer event bringing Europe’s best food, entertainment and shopping to New York City. Scheduled for June 5, from 7 p.m. to 10 p.m. at the Altman Building, located at 135 West 18 Street, the event will feature food, music, and products from over 20 destinations across Europe, ranging from the Mediterranean to Scandinavia. Event sponsors include American Airlines, Ruffino Wines, Shop L-atitude and Ultimate Vodka.
 
 
Herzig Named EIC, Dr. Oz The Good Life
 
Jill Herzig has been named editor-in-chief of Dr. Oz The Good Life, publisher Hearst Magazines announced this week. Herzig previously served as editor-in-chief of Redbook magazine, another Hearst publication. Before that, she also served as executive editor of Glamour from 2003-2010. Hearst also recently announced that Dr. Oz The Good Life will begin publishing 10 times in August, following several successful test issues earlier year.
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