Now that Time Warner (NYSE: TWX) is finally spinning off AOL, its publishing division could be the next to go, says Pali Research analyst Rich Greenfield in a report this morning. Greenfield says that CEO Jeff Bewkes and the company’s board of directors are not emotionally attached to its various businesses. He writes, “With publishing set to represent under 10% of Time Warner’s EBITDA post-AOL ... and the inherent difficulties of shifting Time Inc.’s magazine business to an online subscription model, we believe it may make sense to further simplify Time Warner down to only cable networks and filmed entertainment in 2010.”

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For his part, Bewkes has simply said that by shedding the company’s cable and internet businesses—it is spinning off both Time Warner Cable (NYSE: TWC) and AOL—Time Warner will be able to concentrate on “creating and distributing content,” which would presumably include its magazines too.