Time Warner said it would move ahead on its own with a plan to make Time Inc. an independent company.
Time Warner was considering selling Time Inc, the magazine arm, to Meredith Corporation, but they wanted to keep four of their major, iconic magazines (Time, Sports Illustrated, Fortune and Money) around to capitalize on the brands. Now, though, they're just ditching all of the magazines:
Time Warner had originally planned to keep those titles, which executives believed have news gathering synergies with its CNN channel. But the thinking on the four magazines, which have faced industry-wide downturns in revenue, has changed, the people said. Time Warner executives, who had initially approached Meredith about a partnership, walked away, believing that it was a better option to spin off all 21 magazines without a partner.