MADRID (MarketWatch) -- Time Warner Inc. TWX is reportedly in talks to spin off the majority of its Time Inc. and IPC Media magazine units into a publicly traded joint venture with Meredith Corp. MDP, according to reports in The Wall Street Journal and Financial Times on Thursday. Citing sources familiar with the situation, media reports said the deal would see Time Warner keep Time, Sports Illustrated and Forture, but People, InStyle and Real Simple would combine with Meredith's titles, which include Better Homes and Gardens among others. Spokespersons for Meredith and Time Inc. declined to comment in those reports. The Wall Street Journal said Fortune magazine had reported earlier on Wednesday that Time Warner was exploring a deal for Time Inc. The talks have been described as being at an "early stage." The joint venture would value the spinoff between $2.4 billion and $3 billion, said the reports.
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