Time Warner filed documents Friday evening in preparation for the planned spinoff of publishing division and No. 1 U.S. magazine company Time Inc. next year. While the company didn’t specify any dates, it did provide plenty of detailed financial information.
Last November, then-Time Inc. CEO Laura Lang announced that the company was gearing up to launch a digital video unit complete with new studios and programming, plus a new leader in former Meredith video exec J.R. McCabe, Time Inc.’s first svp, video.
The waiting game is finally over. Today, Time Warner said former CFO Joseph Ripp will succeed Laura Lang as the CEO of its soon-to-be spun off publishing division Time Inc. He starts in September.
Time Incers are buzzing following reports that former exec Mike Klingensmith is in the lead to become the company’s next CEO as it prepares to spin off from Time Warner b
Time Inc. was a pioneer at the dawn of the Internet revolution, creating in the '90s the prescient if ultimately ill-fated online portal Pathfinder to host its magazines. But today, it isn’t even keeping pace with its smaller print brethren, and one area in which it has particularly lagged is paid content.
The spinoff of Time Inc. means the end of the brutish and short tenure of CEO Laura Lang, whose 15-month run will likely be picked over in the days ahead.
Laura Lang has been having meetings with her top lieutenants at Time Inc., presenting a business-as-usual face against a backdrop of merger talks with Meredith Corp. But outside the Time Life building, she’s fast fading from view.
The publishing world got a jolt today with reports that Time Warner is in talks to sell its publishing unit Time Inc., a move that would cap years of speculation.
As expected, CEO Laura Lang announced widespread layoffs at Time Inc. today. If there's a silver lining, it's that the number—about 480, or 6 percent of the global headcount of 8,000—was a little less than some press reports put it. In a memo, Lang said the cuts come from across the company in the U.S. and overseas.