Gordon Crawford, managing director of the Capital Group, which is Time Warner’s largest shareholder, says that Time Warner will eventually sell its Time Inc. publishing division, Reuters reports.
Crawford made the comments on Friday, Sept. 24, at an event at the University of Southern California’s Annenberg School for Communication, the report said.
According to Reuters, Crawford said, " ‘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.’
‘Now, they will make acquisitions … but they’re probably going to buy just stuff in their wheel house of those businesses. They’re not going to, I don’t think, go very far afield from their core competency.’ "
In its article, Reuters said that Time Warner declined to comment about Crawford’s remarks.
Reuters also noted that "Time Inc’s magazines include popular titles such as People and Sports Illustrated. In the second quarter, revenue at Time Inc publishing, the largest U.S. magazine publisher, fell 22 percent to $915 million due to a 26 percent decline in advertising revenue."
Crawford did not say what properties Time Warner may acquire in the future.