Time Inc. Spinoff Set for June 6

More layoffs likely

Save the date: On June 6, Time Inc. will officially complete its long-awaited spinoff from parent company Time Warner, which was first announced over a year ago.

According to a filing with the Securities and Exchange Commission, current Time Warner shareholders will receive one share of Time Inc. stock for every eight shares of Time Warner stock owned as of May 23. Upon completion of the spinoff, Time Warner shareholders will own 100 percent of the outstanding shares of Time Inc.

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