Atlanta -- Cox Communications Inc. and Time Warner Cable
restructured their cable-television partnership -- dubbed TWC Cable Partners -- with each
taking control of systems in Florida and Staten Island, N.Y., respectively.
Under the new partnership structure, Cox will own a
controlling interest in the 73,300-customer Fort Walton Beach, Fla., system, allowing the
company to consolidate the operation with its adjacent system in Pensacola.
Likewise, Time Warner will own a controlling interest in
the 109,500-customer Staten Island system, and it will consolidate it with adjacent Time
According to documents filed with the Securities and
Exchange Commission, the Florida systems also received about $104 million in cash to be
used for planned capital improvements and a reduction of debt.
Since 1992, the two companies have each owned a 50 percent
interest in the partnership, with Cox managing the Fort Walton Beach system and Time
Warner managing the Staten Island system.