The Federal Communications Commission today approved the plan to separate Time Warner Cable from Time Warner.
The main item still standing in the way of the spinoff is a tax letter from the Internal Revenue Service, according to analyst Craig Moffett of Bernstein Research. Mr. Moffett said Time Warner expects the letter to be completed imminently.
The FCC approval means that Time Warner Cable is likely to pay a one-time $10.27-per-share special dividend to shareholders, including Time Warner, which will receive $9.25 billion in cash, during this quarter.
FCC Approves Time Warner Cable Spinoff
Feb 11, 2009 • Post A Comment
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