Time Warner investors as of May 23 will receive one share of Time Inc for every eight that they own in the entertainment giant, the company says in an SEC filing. The new stock will trade under the ticker symbol TIME on the New York Stock Exchange. “As an independent, publicly-traded company, we believe we can more effectively focus on our objectives and satisfy the strategic needs of our business,” Time CEO Joe Ripp says in a statement to his new investors. The company expects to initially have 715,000 stockholders owning 110.3M shares of TIME. It has 23 print magazines in the U.S. including People, Sports Illustrated, Time, and Fortune, as well as more than 45 websites.
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