Time Warner in talks to part ways with Time Inc. – The Term Sheet: Fortune’s deals blogTerm Sheet

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Exclusive: Meredith is in talks with media giant Time Warner to buy most of its Time Inc. publishing business.

 

FORTUNE — Media giant Time Warner has begun discussions to separate itself from Time Inc., its $3.4 billion (in annual revenue) publishing division, according to three people familiar with the matter. Meredith, the Des Moines-based publisher of Family Circle and the Ladies’ Home Journal, is in talks with the company, according to two people familiar with the matter. A meeting of the buyer’s representatives occurred today to discuss a potential deal, which is still in a formative stage and may never come to fruition.

In this scenario, most of the company’s publishing titles, such as People, InStyle, and Real Simple, would be carved out and rolled into an independent company and sold to Meredith. Time Warner (TWX) would maintain control of at least three titles—Time, Sports Illustrated, and Fortune, according to the sources. A Time Warner spokesman says, “We never comment on speculations of this nature.” A spokesperson for Meredith declined to comment.

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