Time Warner may still spin off magazines to Meredith

Meredith Corp.'s bid to acquire magazine assets from Time Warner Inc. may still be alive, according to a New York-based tax expert. As reported this morning by The Des Moines Register, tax authority Robert Willens has told TheDeal.com he believes the aborted deal was just a step toward a tax-free spinoff  by Time Warner of its magazines to Meredith. Time Warner officials said last week that the company will spin off its magazine unit, which publishes Time, Sports Illustrated and People, into a separate, publicly traded company by the end of the year.