Time Warner Cable, in a deal that will separate it completely from Time Warner Inc., will pay a $10.9 billion dividend to stockholders, including $9.25 billion to the parent company.
New Time Warner CEO Jeff Bewkes said shedding Time Warner Cable will leave the company with a streamlined portfolio of content creating businesses and increased financial flexibility.
“Separating the two companies also will help their management teams focus on realizing the full potential of the respective businesses and provide investors with greater choice in how they own this portfolio of assets,” Mr. Bewkes said in a statement Wednesday. “We’re bullish on Time Warner Cable’s prospects, but its strategic goals and capital needs are increasingly different from those of our other businesses.”
Glenn Britt, president and CEO of Time Warner Cable, said the separation will enable it to better compete and deliver innovative telecommunications services.
“In a single transaction we increase our strategic and financial flexibility, simplify our capital structure, enhance the public float and liquidity of our stock and return substantial equity to our stockholders,” Mr. Britt said.
The transaction is expected to close in the fourth quarter.
(Editor: Baumann)
Time Warner Cable to Split From Parent in Deal Worth $10.9 Billion
May 21, 2008 • Post A Comment
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