Time Inc. insiders who are wondering what role Barry Rosenstein’s Jana Partners may take might find it helpful to recall the last time the hedge fund took a stake in a media company. Back in 2011, Jana took a stake in McGraw-Hill.

“It was Jana that pushed to break McGraw-Hill up into two companies,” recalls retired McGraw-Hill Editor Dick Reif. “They worked with Ontario Teachers’ Pension fund.

“They call them activist investors now,” said Reif, “They used to call them corporate raiders.”

More recently, Jana pushed for two board seats at ConAgra — although it quietly retreated from an earlier effort at Pfizer, according to its latest regulatory filing, in which it was revealed it had taken a 4.9 percent stake in Time Inc.

So far, it has made no indication what its plans are with Time Inc.

Time Inc. shares closed Thursday at $14.63 a share, up 12 cents.