Time Warner CEO Jeff Bewkes will delay the spinoff of Time Inc. until sometime in the second quarter, sources tell Media Ink.

Despite Thursday’s big changes and rebuilding of some of the depleted executive ranks, there is still much to be done at the publishing operation.

Initially, Bewkes wanted to have the initial public offering done by Dec. 31, but that proved too ambitious.

Then he said he hoped to do the spinoff in “early 2014” — which many felt was a signal for the first quarter.

Now it will be delayed a bit further, sources said.