New York—Time Warner plans to spin off its Time Inc. magazine publishing business into an independent, publicly traded company in order to focus on its television networks, and film and TV production businesses. Laura Lang, Time Inc. CEO for the past 16 months, told Time Warner she will leave the company when a successor is found. “Laura indicated to me that we should find a different kind of CEO for this new public company, and I respect her decision,” Time Warner Chairman-CEO Jeff Bewkes said, in a statement. Time Warner aims to complete the proposed transaction by the end of the calendar year. Time Warner's announcement comes a month after reports that the company instead intended to sell a number of Time Inc. titles, including InStyle, People and Real Simple, while retaining Fortune, Sports Illustrated and Time. Meredith Corp. was among the possible suitors.