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While Time-Warner (NYSE:TWX) moves closer to the spin-off of AOL, the Street is anticipating what they might do after that. An obvious option: shed the magazine business.

In a research note picking up coverage of the company Thursday, Caris & Co. analyst David Miller proposes that the company’s publishing arm is likely head for its “swan song.” While noting that no announcement has been issued by Time-Warner on this, he writes that “it would not surprise us to see management dispose of this business, either through an outright sale, or through equity carve out, though not until the AOL transaction has been completed.” He says getting rid of the magazine business, after dumping AOL, would make Time Warner look like a “shinier Viacom,” with a focus on cable networks and films.

Miller launched with an Above Average and $33 price target.

TWX Thursday closed up 13 cents or .5% at $27.48.

Back in April, Citigroup put the value of the Time Warner magazine business, which include high circ pubs like Time, People, Fortune and Sports Illustrated, at under $2 billion.

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Source: Will Time-Warner Dump Magazines?