Time Inc. Will Go Public June 6
Distribution of common stock scheduled for May 23.
According to a filing from the Securities and Exchange Commission (SEC) on Thursday, Time Warnerâ€™s spinoff of Time Inc. will be official May 23 and the company will start publically trading on the New York Stock Exchange under the ticker â€śTIMEâ€ť on June 6.
â€śAs an independent publically traded company, we believe we can more effectively focus on our objectives and satisfy the strategic needs of our business,â€ť says Time Inc. chairman and CEO Joe Ripp in a letter to shareholders.â€ť
The SEC filing includes a list of reasons for the long-awaited spinoff of the company, which cites â€śstrategic clarity and flexibility,â€ť â€śfocused managementâ€ť and â€śmanagement incentivesâ€ť as three major potential benefits.
Time Warner shareholders are entitled to receive one share of Time Inc. for every eight they own of Time Warner, according to the filing. As a result, Time Inc. will have an estimated 715,000 stockholders controlling 110.3 million shares of the company. Currently, Time Warner owns all of the outstanding shares of Time Inc. common stock.Â