Spin-Off

Time to form a new company

Time Inc. is best known as a communications company that publishes magazines and books and owns Home Box Office, the largest U.S. pay cable-television service. Since the early '50s, the company has also been in the forest-products business. It entered the field almost by accident, purchasing half a million acres of prime East Texas timberland as part of a long-term drive to find secure paper supplies for its magazines. The forest-products unit grew into a major producer of pulp and paperboard, although it never manufactured paper for the...

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