Time Warner to sell Time

MEDIA giant Time Warner last night unveiled plans to spin-off the magazine division that provides half of its name.

Time, the publishing group that produces the eponymous news magazine, will become a public company in its own right after talks to merge the division with a US rival broke down.

IPC Media, Time’s UK business, will be part of the new standalone business. Its diverse publications include Country Life, lads mag Nuts, and music weekly NME.