Time Warner To Complete Time Inc Spin-off On June 6

(RTTNews) - Time Warner Inc. (TWX) said Thursday that its board of directors has approved the final distribution ratio and declared a pro rata dividend of the outstanding shares of Time Inc. common stock, which will result in the complete legal and structural separation of the two companies.

On the distribution date of June 6, Time Warner shareholders of record as of 5:00 p.m. on May 23, will receive one share of Time Inc. common stock for every eight shares of Time Warner common stock they hold on the record date.

Shares of Time Warner common stock will continue to trade "regular way" on the New York Stock Exchange under the symbol "TWX" through the distribution date of June 6 and thereafter.

Time Inc. common stock will begin trading on a "when-issued" basis on the NYSE under the symbol "TIME.WI" beginning on May 21. On June 9, when-issued trading of Time Inc. common stock will end and "regular way" trading under the symbol "TIME" will begin.

In a related move, Time Warner said that the previously announced record date for its upcoming regular quarterly cash dividend will change from May 31 to May 23 and the payment date will change from June 15 to June 6. The regular quarterly cash dividend of $0.3175 per share of common stock is thus payable in cash on June 6 to shareholders of record on May 23.

The record and payment dates have been changed to be the same as the record and distribution dates for the dividend of Time Inc. common stock.