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
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
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
Hearst also recently announced that Dr. Oz The Good Life
will begin publishing 10 times in August, following several successful test issues earlier year.