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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Time Warner Inc. New | NYSE:TWX | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 98.91 | 0.00 | 01:00:00 |
By William Launder
Time Inc. will carry an initial debt load of $1.3 billion following its spinoff from Time Warner Inc., the parent company said Wednesday.
The disclosure, made during Time Warner's fourth-quarter earnings call, addresses one of the biggest remaining questions about how Time Inc. will be positioned as its own publicly traded company following the spinoff.
Time Inc., which is due to be spun off in the second quarter, publishes magazines such as Sports Illustrated, People, Fortune and Time.
The details on debt were made public as Time Warner reported that Time Inc.'s operating income fell 47% in the fourth quarter, partly because of impairment charges. Revenue at the magazine unit was flat at $966 million, amid a 6% decline in subscription revenue and a 2% increase in advertising revenue. The results included American Express publishing business, home to titles such as Travel + Leisure and Food & Wine, which Time acquired last year. Excluding the impact of the acquisition of American Express Publishing, total revenue for the quarter would have fallen 8%, Time Warner said.
The earnings report came a day after Time Inc.'s Chief Executive Joe Ripp outlined steps to streamline Time Inc.'s management and operational structure. The restructuring process will include the laying off nearly 500 employees, or about 6% of Time Inc.'s global staff, according to a person close to the company.
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