Wall Street likes a leaner Time Warner, but it’s feeling a lot less charitable about the publishing business.
The entertainment company’s stock rose 0.65% on Monday to $68.58, following the spin-off of its Time Inc. magazine properties. The new standalone magazine company was not as well-received.
Shares of Time Inc. (ticker symbol TIME) fell 4.60% to $22.40 in its first morning trading.
Time Inc. has a number of notable magazines under its umbrella, including People, Entertainment Weekly and Sports Illustrated, but it has been hit hard by the transition of readers and ad dollars away from print.
In response, the company has reduced overhead, laying off 6 percent of its staff last year, and plans to relocate from its headquarters in the Time-Life building in Midtown to lower costing offices in Lower Manhattan.