Time Warner will spin off its magazine department into a separate company, Time Inc., on June 6, it was announced Thursday. Time Inc. will be wholly owned by its shareholders and trade on the New York Stock Exchange under the symbol “TIME.” Time Warner will continue to trade under its current symbol at the NYSE, “TWX.” When Time Inc. goes public, Time Warner stockholders as of May 23 will each receive one share of common Time Inc. stock for every eight common shares they own of Time Warner.

Time Inc. owns 23 print magazines and 45 websites that include the well-known brands Time, People, Southern Living, Sports Illustrated and Entertainment Weekly. Upon Time Inc's independence, CNNMoney.com, a joint venture between Time Inc. and Time Warner subsiary CNN, will revert to Time Warner ownership. For years, Time Inc. experienced financial struggles as a division of Time Warner, and earlier in the year suffered 500 staff layoffs ahead of the spinoff. The company maintains that as an independent entity, it will be able to better direct resources and thrive.

The original Time Inc. was founded in 1922 and merged with Warner Communications in 1990.

“As an independent, publicly-traded company, we believe we can more effectively focus on our objectives and satisfy the strategic needs of our business,” Time CEO Joe Ripp says in a statement to his new investors.