The publisher of Time and People magazines says it is ditching its midtown Manhattan offices of 55 years to move downtown after it becomes an independent company.
Time Inc. plans to spin off from media company Time Warner Inc. on June 6. It will be listed on the New York Stock Exchange under the symbol “TIME.”
Time, which also publishes Sports Illustrated and Food & Wine magazines, has been located at what’s known as the Time & Life Building since 1959. It plans to move into its new downtown space late next year.
Time Inc. CEO Joe Ripp says the company considered moving to New Jersey but went with New York thanks in part to an incentive package from the state.
Source: The AP