During Q2 financials call with
analysts, Time Warner CEO Jeff Bewkes said that Time Inc.’s spin-off
won’t be completed until early next year, instead of by end of 2013, as
originally anticipated. Reasons cited: ensuring the best position for Time Inc.
as it becomes independent, and giving its new CEO Joe Ripp (who starts in
September) adequate preparation time. TW’s overall Q2 profit topped analysts’
estimates. Time Inc. revenue -3% to $833M; ad revenue -5%; circulation revenue
-7%; “other revenues” +23%. Time Inc. operating income +28% to $124M, due
mainly to early 2013 restructuring (including about 500 staff layoffs).
