Revenues at Time Warner's publishing division, Time Inc., dwindled two percent to $818 million in third quarter.

That $20 million drop comes as Time Warner CEO Jeff Bewkes provides a little more detail on his plan to spin off the unit, saying the transaction should take place in the second quarter of 2014. In August, he said the separation would occur early next year.

Time Inc.'s subscription revenues have been down for some time now, and ad sales have also slacked off.

And that doesn't fit the broader picture at Time Warner. The entertainment conglomerate beat Wall Street estimates with its third-quarter profit, thanks to growth in ad sales and subscription fees at its cable networks.