Time Inc. To Hold IPO June 6, Trade On NYSE As 'TIME'

Time Warner will spin off its magazine department into a separate company, Time Inc., on June 6, the company announced Thursday. Time Inc. will be wholly owned by its shareholders and trade on the New York Stock Exchange under the symbol "TIME." Time Warner will continue to trade under its current symbol at the NYSE, "TWX." When Time Inc. goes public, Time Warner stockholders as of May 23 will each receive one share of common Time Inc. stock for every eight common shares they own of Time Warner.