TAKING STOCK: Time Warner investors were clearly pleased to hear the company planned to spin off all of its publishing division into a separately listed company instead of setting up a joint venture with Meredith Corp. that would have held just some of its titles. Time Warner’s stock gained 2.4 percent to $56.78 on Thursday.

Shares of Meredith, on the other hand, fell 6.2 percent to $37.82, meaning markets saw an opportunity missed.

This story first appeared in the March 8, 2013 issue of WWD. Subscribe Today.