NEW YORK (TheStreet) -- Time Inc (TIME) shares are down -1.8% to $23.06 on Monday, the stock's first day of trading following its spin-off from Time Warner
(TWX - Get Report).
Time Inc, the publisher Time Magazine, Sports Illustrated and Fortune magazine, branched out on its own with $1.3 billion in debt on its books.
Following the release of Time Warner's quarterly earnings report in February, it was revealed that its publishing division's revenue fell by 2.3% to $3.4 billion while operating income fell 12.7% to $404 million.
Time Warner distributed one share of outstanding Time Inc. stock for every eight shares of Time Warner stock as part of the spin-off deal.
Time Inc inauspicious start may be due to investors belief that the company will find it difficult to operate as a stand alone publisher without the backup of revenue from Time Warner.