ENTERTAINMENT
March 6, 2013 | By Joe Flint
There's no more Time Inc. at Time Warner. Time Warner said it is spinning off its Time Inc. magazine unit -- home to such titles as Time, People, Sports Illustrated and Fortune -- into a separate, publicly traded company. The move comes after talks to merge Time Inc. with Meredith Corp., another magazine publisher, collapsed. “After a thorough review of options, we believe that a separation will better position both Time Warner and Time Inc.," said Time Warner Chief Executive Jeff Bewkes, who added that the move will allow the company to "focus entirely on our television networks and film and TV production businesses" and give Time Inc. "the flexibility and focus of being a stand-alone public company.
BUSINESS
January 31, 2008 | From Times Wire Services
Altria Group Inc. will spin off its overseas unit March 28, bowing to U.S. investors demanding higher dividends and stock buybacks. Shareholders will get one Philip Morris International share for each Altria share, the New York company said. Altria Chief Executive Louis C. Camilleri will become CEO of the Lausanne, Switzerland-based overseas division and work to accelerate growth into emerging markets as smoking bans spread in Western Europe.
BUSINESS
October 24, 2003 | From Reuters
Cable operator Cablevision Systems Corp. said it would spin off its satellite TV platform as well as three television channels, just days after launching the satellite service and saying its costs were uncertain. Cablevision said the spinoff of Rainbow DBS would also include Rainbow Media properties AMC, the Independent Film Channel and WE: Women's Entertainment.
NEWS
November 7, 1988 | Associated Press
Pillsbury Co., which is fending off a hostile $5.23-billion takeover bid from a large British conglomerate, announced today that it will spin off its troubled Burger King subsidiary. Under a plan approved by Pillsbury's board of directors, the fast-food chain would be spun off to its shareholders as a separate public company, distributing one share of Burger King common stock for each outstanding share of Pillsbury common stock, payable on Jan. 27 or earlier for shareholders of record Dec. 2.
BUSINESS
September 7, 2000 | Bloomberg News
Telefonos de Mexico, Mexico's largest phone company, said it will spin off its mobile phone unit and most of its international units to form the largest mobile phone operator in Latin America. Telmex shareholders will receive an equal amount of shares in the new company, to be called America Movil, the company said in a press release. America Movil will have 9.9 million clients. The investments the foreign assets require to develop now won't affect the parent company, said Chairman Carlos Slim.
BUSINESS
August 12, 1988 | Associated Press
Bally Manufacturing Corp. said late Thursday that it will spin off its hotel-casino group, which accounts for nearly half of its revenue, as a separate publicly-held company but will retain up to a 15% stake in the business. Bally stockholders will receive, tax-free, one share of common stock in the hotel-casino business for each share of Bally Manufacturing they own on the effective date of the spinoff, the Chicago-based company said in a statement.