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NEW YORK (AP) — Time Warner says it will complete the spinoff of its Time Inc. publishing arm next month.
The company said Thursday that on June 6 it will give its shareholders one share of Time Inc. for every eight shares of Time Warner Inc. that they hold as of May 23. The stock distribution will complete the separation of the two companies.
Time Inc. shares will begin regular trading on the New York Stock Exchange under the symbol "TIME" later in June. Its publications include its flagship magazine, as well as People and Sports Illustrated.
In a related move, Time Warner updated the payment date and record date for its upcoming regular quarterly cash dividend. The company will pay the dividend June 6 instead of June 15.
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