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NEW YORK (AFP) – Time Warner announced Monday that Joseph Ripp will be named chief executive of its publishing arm Time Inc., which is to be spun off by the media conglomerate.

“Joe is a seasoned executive who has been immersed in the intersection of digital, advertising and publishing for the past decade,” Time Warner CEO Jeff Bewkes said. He is respected as a strategic leader who has delivered financial results throughout his career, and he also happens to have a thorough understanding of Time Inc.’s business. We have great confidence that Joe will maximize Time Inc.’s iconic brands, scale and industry-leading position to create value for its stockholders.”

Ripp is currently CEO of OneSource Information Services and will begin his new role in September.

He worked at Time from 1985, and held several executive level positions there and at Time Warner over the course of nearly 20 years.

The media giant announced in March that it would separate the unit which includes including its flagship Time magazine, People, Fortune and Sports Illustrated as part of an effort to create “strategic clarity.”

The announcement came after unsuccessful talks to sell some of the titles in the group, and as rival News Corp undergoes a similar split.

Ripp will succeed Laura Lang, who indicated that she did not want to continue in the role following the spinoff.

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Minority Leader Mitch McConnell with Senate Republicans

A report released by Moody's Analytics on September 21 warns that failure to raise the ceiling on the U.S. national debt and to renew the spending authority of the U.S. Treasury when it expires on September 30 will lead to a default that "would be a catastrophic blow to the nascent economic recovery from the COVID-19 pandemic."

Senate Republicans on Monday night blocked the bill that would fund the government and raise the debt ceiling, bringing the United States to the brink of both a government shutdown and an economic recession.

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