June 7, 2007 / 1:15 PM / 12 years ago

Time Warner not selling Time Inc.: CEO Parsons

NEW YORK (Reuters) - The world’s largest media company Time Warner Inc. TWX.N said on Thursday it has no plans to sell off its publishing division, but will continue to prune its portfolio.

Wall Street has speculated the company would consider selling off its slow growing magazines division to fund growth in other areas such as digital and cable.

“We’re not looking to move our publishing company out,” Time Warner Chief Executive Richard Parsons said at the Merrill Lynch media conference in London.

He added, “It can be in a 8, 9, 10 percent growth business for a long time, if we successfully make this transition to digital.”

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