Time-Warner Selling Time Inc

One of Time-Warner's biggest shareholders has revealed that the company is planning to spin off its namesake magazine publishing unit.

"Time Warner just spun off their cable division, they are going to sell their print division, they are going to spin off AOL and they're just going to be Warner Brothers, HBO and the Turner Networks," said Crawford, managing director of The Capital Group. "Now, they will make acquisitions ... but they're probably going to buy just stuff in their wheel house of those businesses. They're not going to, I don't think, go very far afield from their core competency." Time Warner declined to comment on Saturday. Time Inc's magazines include popular titles such as People and Sports Illustrated. In the second quarter, revenue at Time Inc publishing, the largest U.S. magazine publisher, fell 22 percent to $915 million due to a 26 percent decline in advertising revenue.

Time Inc presently publishes 22 titles, some of which will undoubtedly will not survive the sale.