Time Warner expects to make a “complete structural separation” from Time Warner Cable, new Time Warner CEO Jeff Bewkes said Wednesday as the company announced lower first quarter earnings, TVWeek reports. Time Warner Cable already has its own publicly traded stock, but is 84% owned by Time Warner. “We’re working hard on an agreement with Time Warner Cable, which we expect to finalize soon,” Mr. Bewkes said in a statement. “At the same time, we’ll continue to pursue the rest of our aggressive agenda that we believe will deliver increasing value to our shareholders.” “Although no details related to structure were provided, we continue to think that a separation makes sense,” said Bear Stearns analyst Spencer Wang in a research note Wednesday morning. For the first quarter net profit fell 36% to $771 million, or 21 cents a share, from a year ago, when the company had big one time gains from the sale of AOL’s German access business and the unwinding of a cable partnership with Comcast. Revenues rose 2% to $11.4 billion. The earnings fell slightly short of Wall Street expectations. Time Warner’s full earnings report is here.