Time Warner Sets Cable Spin
Tax-Free Distribution To March 12 Shareholders Of Record
Mike Farrell -- Multichannel News, 2/26/2009 5:23:33 PM
Time Warner said after market close on Thursday that it will complete the separation of its Time Warner Cable unit on March 12, with distributions to shareholders of record as of that same date to commence on March 27
Time Warner first proposed the spin in May and earlier this month said it had received the necessary regulatory approvals to facilitate the separation.
Last week, the company said it would separate the cable unit through a dividend distribution to its shareholders.
"We're confident that this separation will benefit Time Warner and Time Warner Cable stockholders," Time Warner Inc, chairman and CEO Jeffrey Bewkes said in a statement. "Both companies will be better positioned to compete, with capital structures more suited to their respective needs as well as greater operational, financial and strategic flexibility. At the remaining Time Warner businesses, we'll stay focused on what we do best - creating, packaging and distributing our branded, high-quality content."
In connection with the announcement, Time Warner Inc. said that its board of directors has approved a one-for-three reverse split of Time Warner Inc. stock, which will become effective on March 27.
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