Meredith Corp. is in talks to buy the majority of Time Warner Inc.'s Time Inc. magazine division, Fortune reported.

In that scenario, most of Time's publishing titles, including People, InStyle and Real Simple, would be rolled into an independent company and sold to Meredith. Time Warner would maintain control of Time, Sports Illustrated and Fortune.

The valuation ranges from $2 billion to $3.5 billion, Reuters reported.