Time Inc. goes solo

Time Inc., the magazine company that is home to People, Sports Illustrated and Time, saw its shares fall lower on the New York Stock Exchange on Monday in its first trading session following a spinoff from its parent, Time Warner Inc.

In the move led by CEO Joe Ripp, Time Inc. will operate on its own without buffering from its cousins such as HBO and Warner Bros., according to the Economic Times.

The magazine unit, which publishes more than 90 magazines, including the business magazine Fortune, and operates 45 websites, has been slashing jobs over the years. Last year, it cut 600 jobs, and it now employs some 7,800.

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