Time Warner Inc. (NYSE:TWX) and Time Inc. announced the timing and details regarding the spin-off of Time Inc. from Time Warner.
The Time Warner board of directors has approved the final distribution ratio and declared a pro rata dividend of the outstanding shares of Time Inc. common stock, which will result in the complete legal and structural separation of the two companies. The distribution is subject to the satisfaction or waiver of certain conditions.
On the distribution date of June 6, 2014, Time Warner shareholders of record as of 5:00 p.m. on May 23, 2014, the record date for the distribution, will receive one share of Time Inc. common stock for every eight shares of Time Warner common stock they hold on the record date.
