Time Warner (NYSE: TWX ) plans to separate print publishing unit Time from its operations. The subsidiary will function as a separate, publicly traded entity.
When that occurs, the unit's CEO, Laura Lang, will step down. In the interim, she will remain in her position to assist with the transition.
The divestment comes after talks on a sale of the subsidiary to media company Meredith ended without a deal. Time Warner said that the divestment will be structured as tax-free to its shareholders. It hopes to effect the transition by the end of this year.