Time Warner completed the separation of Time Inc. from Time Warner through a spin-off involving a pro rata dividend distribution of all of the Time Inc. common stock held by Time Warner to Time Warner shareholders. The distribution was made immediately after 11:59 p.m. EDT on June 6, 2014 to Time Warner shareholders of record at 5:00 p.m. EDT on May 23, 2014 (the record date for the distribution).