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Time Inc. Falls in First Day After Spinoff From Time Warner

Time Inc. shares fell on the first day of trading after a spinoff from Time Warner Inc. amid concern the company’s singular focus on magazines could hinder growth prospects as demand for subscriptions diminishes.

The shares, trading under the ticker symbol TIME, slid less than 1 percent to $23.30 at the close in New York, after earlier dropping by as much as 6.7 percent. Shares of Time Warner, which owns the Warner Bros. movie studio and cable networks such as HBO and CNN, rose 1.2 percent to $68.99.