Time Warner to Unload Magazine Unit

September 27, 2009

(ChattahBox)—According to a managing director of Time Warner, Inc.’s largest shareholder, the media giant is preparing to unload its print division, as the publishing unit continues to suffer steep losses, dragging down profits of the company.

Gordon Crawford, managing director of the Capital Group, whose company owns than 8 percent of Time Warner shares, made his remarks on Thursday, during a discussion at the University of Southern California’s Annenberg School for Communication. Crawford said during the panel discussion that it’s only a matter of time before Time Warner sells its magazine unit.

“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,” Crawford told Reuters.

The Time Inc unit includes such major publications, as Time, Fortune, People, and Sports Illustrated.

This news certainly comes as no surprise, as Time Warner’s publishing unit continues to bleed money. The media giant reported a 53 percent loss from the Time, Inc. unit, from $218 million to a low of $102 million.

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