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Time Inc. confirms layoffs ahead of spinoff from Time Warner

time incTime Inc. confirmed this morning that long-expected layoffs, which widespread reports place at as high as 500 employees, will begin immediately as parent company Time Warner prepares to spin off its low-performing publishing division. Time Inc., which publishes more than 20 magazines, employees about 7,800 people worldwide.

DC Entertainment, a subsidiary of Warner Bros. Entertainment, won’t be affected by either the layoffs or the spinoff.

The New York Post contends the newly acquired American Express Publishing (Food & Wine, Travel & Leisure, Departures), with about 400 employees, is expected to be hit hard by the cuts; its Executive Travel magazine could be shuttered immediately.

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Time Warner to spin off magazine division in 2014

time warnerTime Warner filed documents last week to spin off Time Inc. — the media giant’s worst-performing division — into what Bloomberg calls “the world’s largest publicly traded magazine company.” The move, as ICv2.com notes, would effectively rid Time Warner of all of its remaining print assets except for DC Comics, which remains part of the Warner Bros. Entertainment subsidiary.

Time Inc., whose sales have fallen in five of the past seven years, publishes more than 20 magazines, including its namesake Time, Entertainment Weekly, Fortune, Sports Illustrated and People. It added Food & Wine, Travel & Leisure and Departures in September when it acquired American Express Co.’s publishing unit.

Talk of the spinoff, planned for sometime in 2014, began in March after a failed attempt to forge a new venture with Ladies’ Home Journal publisher Meredith Corporation. “A complete spinoff of Time Inc. provides strategic clarity for Time Warner Inc.,” Time Warner CEO Jeff Bewkes said at the time, “enabling us to focus entirely on our television networks and film and TV production businesses, and improves our growth profile.”

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SDCC ’13 | Warner Bros. hosts free, family-friendly Lawn Con

lawn con-teen titans go

Comic-Con International is spilling out of the San Diego Convention Center as Warner Bros. Entertainment takes over Bayfront Park for Lawn Con, a free pop-culture event for big and little kids alike.

Open to the public Thursday through Sunday, Lawn Con features lives DJs, a picnic area, and characters and replicas from Warner Bros. Animation, DC Entertainment, Warner Bros. Consumer Products and Warner Bros. Pictures: enormous blow-ups of the Teen Titans Go! crew, ranging in height from 17 to 30 feet; a life-size LEGO model of Bag End from The Hobbit: An Unexpected Journey, complete with Gandalf, Bilbo and others; life-size LEGO models of Batman, Robin and The Joker; and a replica of Scooby-Doo and the gang’s Mystery Machine.

Bayfront Park is located between the San Diego Convention Center and the Hilton San Diego Bayfront hotel.

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Comics A.M. | Warner Bros. Entertainment names new CEO

Kevin Tsujihara

Business | In a surprise announcement, Kevin Tsujihara was announced Monday to succeed Barry Meyer as CEO of Warner Bros. Entertainment, the parent company of DC Entertainment. The 48-year-old Tsujihara, who has been with Warner Bros. since 1994, was named in 2005 as president of the Home Entertainment Group, overseeing the company’s home video, digital distribution, video games, anti-piracy and emerging technology operations. He was chosen as CEO over Bruce Rosenbaum, president of Warner Bros. Television, and Jeff Robinov, president of Warner Bros. Pictures (under which DC Entertainment is placed in the corporate structure). [The Hollywood Reporter]

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