MUMBAI: Time Warner has said that it plans to spin off its Time Inc. into an independent, publicly traded company by the end of the calendar year.

Time Inc. is the publisher of magazines like Time, Sports Illustrated, Fortune and People.

The proposed transaction will be structured as tax-free to Time Warner stockholders. The transaction is contingent on the satisfaction of a number of conditions, including completion of the review process by the Securities and Exchange Commission of required filings under applicable securities regulations and the final approval of transaction terms by Time Warner?s Board of Directors.

Time Warner Chairman and Chief Executive Officer Jeff Bewkes said: ?After a thorough review of options, we believe that a separation will better position both Time Warner and Time Inc. A complete spin-off of Time Inc. provides strategic clarity for Time Warner Inc., enabling us to focus entirely on our television networks and film and TV production businesses, and improves our growth profile. Time Inc. will also benefit from the flexibility and focus of being a stand-alone public company and will now be able to attract a more natural stockholder base. As we saw with the prior spin-offs of Time Warner Cable and AOL, we expect the separation will create additional value for our stockholders.?
 
Time Inc. CEO Laura Lang has advised Time Warner that she will stay on through this process and until after a successor has been identified.

?Laura indicated to me that we should find a different kind of CEO for this new public company, and I respect her decision,? Bewkes said. ?She has been a great partner who has given Time Inc. forward momentum to make this transition possible, and I look forward to working with her to select the right leader to head the company as an independent entity.?

MUMBAI: Leading US publisher Time has elevated Martha Nelson to Editor-in-Chief.

Nelson will become only the seventh Editor-in-Chief in the company?s 90-year history and the first woman to hold the role.

Nelson, who has served as the Editorial Director of the magazine since 2010, will assume the top editorial position in January.

?Martha is the ideal leader to step into this role at this point in our company?s evolution,? said Time CEO Laura Lang. ?She is a creative thinker with a visceral understanding of the consumer. And as we move to a multi-platform strategy, her strong consumer focus along with her broad understanding of both print and digital media will help ensure we make that transition successfully. She is one of the most respected and influential leaders in the publishing business and I?m delighted she will be our next Editor-in-Chief.?

?This is the most exciting time in our company?s history and I?m thrilled to take on the role of Editor-in-Chief,? commented Nelson. ?We have a unique group of powerful brands led by talented and passionate people. Our commitment to journalistic excellence combined with our drive for innovation makes me confident in our future.?

Nelson has spent 20 years at Time -- launching new franchises, reinvigorating others and amassing numerous honors along the way, including being named one of the World?s Most Powerful Women three years in a row by Forbes magazine. She was also selected as one of Variety?s inaugural Power Women in 2009 and named Editor of the Year by Adweek in 2006.

For the past two years, Nelson oversaw the print and digital editors of the 17 brands in the Style & Entertainment Group and Lifestyle Group as Editorial Director. In this role, she has been instrumental in developing the company?s multi-platform editorial strategy. Previously, she was editor for Time?s Style & Entertainment Group, a group editor for Time, editor of the People Group and the founding editor of InStyle.

Earlier, Nelson was an assistant managing editor at People where she was responsible for the human-interest segment of the magazine. She also worked on the launch of Time?s Who Weekly in Australia. Before she joined Time, she was Editor-in-Chief of Savvy magazine and of Women?s Sports & Fitness; staff editor at Ms. Magazine and managing editor of Signs: Journal of Women in Culture & Society.