Reuters is reporting, originally via BusinessWeek, that Time Warner Inc will eventually sell the Time Inc magazine unit and could buy holdings in its core entertainment category – according to Gordon Crawford, managing director of its largest shareholder.
“Time Warner just spun off their cable division, they are going to sell their print division, they are going to spin off AOL and they’re just going to be Warner Brothers, HBO and the Turner Networks,” said Crawford, managing director of The Capital Group during a roundtable discussion at the USC Annenberg School for Communications.
“[H]ere’s the thing: The body language from Time Warner executives in recent months makes me think they intend to keep at least part of their magazine business in the family. More than body language, actually: ‘Time Warner without People? I can’t imagine it,’ one well-placed Time Warner official told me recently.”
Stinky Journalism has unraveled a tangled web involving CNN, its parent company Time Warner, an anchor for a rival broadcaster and infomercials run without proper identification, as required by the Federal Trade Commission in the US.
I suspect what he says about Time Warner would be echoed by freelancers and agencies dealing with online publishers: “They want everything for nothing. They wouldn’t go for five seconds without being paid and they’ll bitch about how much they are being paid and want more.”