Time Warner to Offload Magazine Unit in Third Major Spinoff

Time Warner Inc. will spin off its magazine business later this year, turning the nine-decade-old publisher of Time, People and Sports Illustrated into a separate publicly held company.

The board authorized management to proceed with the plan after a review of options, the New York-based media company said yesterday in a statement. As part of the move, Time Inc. Chief Executive Officer Laura Lang will step down from the role.