According to a filing from the Securities and Exchange Commission (SEC) on Thursday, Time Warner’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 “TIME” on June 6.
“As an independent publically traded company, we believe we can more effectively focus on our objectives and satisfy the strategic needs of our business,” says Time Inc. chairman and CEO Joe Ripp in a letter to shareholders.”
The SEC filing includes a list of reasons for the long-awaited spinoff of the company, which cites “strategic clarity and flexibility,” “focused management” and “management incentives” 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.