Time Warner Inc. said Wednesday that it will spin off the magazine unit behind Time, Sports Illustrated and People into a separate, publicly traded company by the end of the year.

CEO Jeff Bewkes said in a statement Wednesday that the decision to split off the Time Inc. magazine company will give Time Warner “strategic clarity” and enable it to focus on its TV networks, including TNT, HBO and CNN, and its Warner Bros. studio, which produces movies and TV shows.

— From wire reports