Recently in Breaking News Category

Well, that didn't last long. In a surprising turn of events, the proposed merger between Time Inc. and Meredith Corporation has fallen apart. In a memo to staff obtained by SPD today, Time Inc. CEO Jeff Bewkes announced that the magazine group will become an "independent, publicly-traded company."

The memo further states that, despite the rumors of Time, SI, Money, and Fortune not being part of the proposed deal with Meredith, "all of Time Inc.'s magazines will stay in the portfolio."

Read the full announcement after the jump...