The Wrap reports that this includes all publications under the Time banner move to this new public company. The CEO is splitting too:

"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 Warner CEO Jeff Bewkes said in a statement. "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."

...

Time Warner reported $6.1 billion in profit that fiscal year, and $463 million of that came from publishing. That figure represented a 20 percent decline from the previous year.

Time Warner also announced Wednesday that Time Inc. CEO Laura Lang will depart once Time Inc. can stand on its own but will remain until a successor is found. She has been in the post since November 2011.

"Laura indicated to me that we should find a different kind of CEO for this new public company, and I respect her decision," Bewkes added. "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."

In plain English, Time Inc. was dead weight that Time Warner thought was weighing down their stock performance. They had been trying to sell all of their "female lifestyle"-leaning publications to Meredith Inc., and that deal falling through lead to this. Lang's departure is a "good luck rats, I'm getting off the ship now, while the golden parachute rate I can get now is available".

The old magazine/periodical business, like other Old Media slawarts, continue their decline. None are trying to reinvent their revenue model. Where are the bold publishers of yesteryear?

Long dead.