Advertisement
News
Advertisement

Time Warner completes cable spin-off

Mon, 03/16/2009 - 8:40am
The Associated Press

NEW YORK (AP) – Media conglomerate Time Warner Inc. said in a securities filing Friday that it has completed its spin-off of Time Warner Cable.

The company said it disposed of all 300.3 million shares of Time Warner Cable, in line with a separation agreement set in May 2008 (story here).

Prior to the separation, the cable company paid a special cash dividend of $10.27 per share to all of its shareholders, or $10.86 billion total, which resulted in parent Time Warner receiving $9.25 billion.

Time Warner Cable also put into effect a 1-for-3 reverse stock split.

The company is the nation's second-largest cable operator, serving more than 14 million customers.

Time Warner Inc. – which owns the Time Inc. family of magazines, cable networks CNN and HBO, and movie studio Warner Bros. – will distribute the cable shares it owns to shareholders on March 27 and enact its own 1-for-3 reverse split.

For about every 12 Time Warner shares as of March 12, shareholders will get one post-split share of Time Warner Cable.

More Broadband Direct 03/16/09:

•  Comcast to resell Clear in Portland
•  Charter posts bigger Q4 loss
•  Sony, Comcast ready to open doors on retail store in Philly
•  ACA asks for opt-out on FCC reporting
•  Time Warner completes cable spin-off
•  Rogers prepares to name new CEO
•  Stations must warn if new TV signals lack reach
•  CopperGate bows new chip for MDU, hospitality apps
•  Ipitek bows new network management system for large MSOs
•  Broadcom adds ICs for new VoIP products
•  Broadband Nation exhibit details announced
•  AT&T hopes to gain concessions from unions; strike a possibility
•  Broadband Briefs for 03/1609

 

Advertisement

Share This Story

X
You may login with either your assigned username or your e-mail address.
The password field is case sensitive.
Loading