Meredith says talks with Time Warner have collapsed - KSFY News - Sioux Falls, SD News, Weather, Sports

Meredith says talks with Time Warner have collapsed

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Des Moines-based Meredith Corporation is confirming the company held discussions with Time Warner about combining their magazines, but the deal has fallen apart.
 
Instead, Time Warner announced Wednesday it would split off its magazine unit into a separate, publicly traded company by the end of the year.
 
CEO Jeff Bewkes says the decision to split off the magazine company behind publications such as Time, Sports Illustrated and People will give the parent company "strategic clarity" and enable it to focus on its TV networks, movies and TV production businesses.
 
Meredith, which had been talking with Time Warner about combining their magazines into one company, says it respected Time Warner's decision.
 
Meredith owns magazines such as Better Homes and Gardens and Ladies' Home Journal as well as local television stations.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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