6 March 2013 2:41 PM, PST | Deadline TV | See recent Deadline TV news »

Time Warner’s talks with Meredith Corp about combining their magazines in a separate company collapsed today. But here’s Plan B for the media giant: It will spin off its publishing arm into an independent, publicly traded entity, likely by year end. Until recently, Time Warner execs scoffed when asked whether they’d consider mimicking News Corp, which is spinning off its newspaper assets. Now, though, Time Warner CEO Jeff Bewkes says the idea provides “strategic clarity” that will enable his company to “focus entirely on our television networks and film and TV production businesses.” Time Inc will need a new CEO: Laura Lang told Bewkes that “we should find a different kind of CEO for this new public company, and I respect her decision,” he says. She’ll stay on through the spin off process and will help identify a replacement.  Meredith, the publisher of Family Circle and the Ladies’ Home Journal, »

- DAVID LIEBERMAN, Executive Editor

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