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COASTAL FLOOD ADVISORY REMAINS IN EFFECT UNTIL 4 PM EST THIS AFTERNOON ...SIGNIFICANT BEACH EROSION AND LOCALIZED WASHOVERS THROUGH THIS AFTERNOON... ...MINOR COASTAL FLOODING THIS AFTERNOON... * LOCATIONS...Vulnerable coastal locales in Southwestern Suffolk, including the Atlantic Ocean beachfront. * TIMING...During the times of high tide until 4 PM EST this afternoon. * COASTAL FLOOD IMPACTS...One to locally two feet of inundation above ground level is possible in low-lying areas near shorelines and tidal waterways. Some roads and low lying properties including parking lots, parks, lawns, and homes and businesses with basements near the waterfront will experience shallow flooding. * SHORELINE IMPACTS...The combination of elevated water levels and high surf along the ocean beachfront will result in significant beach erosion and areas of erosion to dune structures. Localized washovers are possible as well, resulting in some flooding of roadways and vulnerable structures behind protective dunes.

Time Inc. Spinning Off From Time Warner

Time Magazine to exist as a separate entity after Time Warner exits negotiations with Meredith Corporation.

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Time Warner has decided to essentially remove the “Time” from their name by removing Time Inc. and allowing it to function as a separate entity. Time Warner Chairman and Chief Executive Officer Jeff Bewkes stated “After a thorough review of options, we believe that a separation will better position both Time Warner and Time Inc. A complete spin-off of Time Inc. provides strategic clarity for Time Warner Inc., enabling us to focus entirely on our television networks and film and TV production businesses, and improves our growth profile. Time Inc. will also benefit from the flexibility and focus of being a stand-alone public company and will now be able to attract a more natural stockholder base. As we saw with the prior spin-offs of Time Warner Cable and AOL, we expect the separation will create additional value for our stockholders.”

While this shakeup is substantial, Time Inc. CEO Laura Lang will remain with the company to handle the transition, as well as oversee the company for the foreseeable future. Time Inc. will become an independent entity by the end of 2013. The Meredith Corporation was in talks with Time Warner to take over the magazine, however; those talks dissolved.

"At Time Warner's initiation, we discussed combining our National Media Group with certain Time Inc. brands to create a new publicly traded company," Meredith CEO Stephen Lacy said in a statement. "We ... remain open to continuing a dialogue on how our companies might work together on future opportunities."