Sir Howard Stringer, the former Sony chairman, has agreed to accept a place on the Time Inc. board, said a source close to the situation.
The full board is expected to be revealed as soon as next week when Time Warner files an amended Form 10 in advance of spinning off the publishing group on June 30.
Time Inc. faces a wide number of challenges, with revenue declining in 22 of the last 24 quarters.
Last year, revenue dipped just over 2 percent, to $3.35 billion, with earnings before interest, depreciation and amortization of around $400 million.
The company will also be saddled with a $1.4 billion debt load to buy the British publishing unit IPC from Time Warner. Any money left over between the $1.4 billion and the purchase price will be given to Time Warner shareholders as a one-time “special dividend.”
Stringer, a former journalist and ex-president of CBS, was the first foreign executive to head Japan-based Sony — where he served as CEO from 2005 until he retired in 2012.
Stringer is the marquee name that sources said was personally recruited by Time Warner CEO Jeff Bewkes to help in the effort to sell Time Inc. to Wall Street.
Stringer could not be reached for comment.
Those approached to sit on the board include Paul Sagan, the founder of NY 1 and now a managing partner at General Catalyst — but sources said he is leaning toward turning down the offer.
John Fahey, a former head of Time Life Inc. and head of the National Geographic Socity, is also believed to be in the running for a board seat.
He is likely to accept, sources said.