Jeff Bewkes has decided to jettison Time Warner Cable from the corporate mother ship, telling investors Wednesday (April 30) that Time Warner would completely spin off its cable operation, in which it has an 84 percent stake.The widely-anticipated move to spin off Time Warner Cable was announced as the media conglomerate reported its first-quarter earnings.
“We’ve decided that a complete structural separation of Time Warner Cable, under the right circumstances, is in the best interests of both companies’ shareholders,” the Time Warner CEO said by way of announcing the move. “We’re working hard on an agreement with Time Warner Cable, which we expect to finalize soon.”
In a separate call Tuesday morning, Time Warner Cable president and CEO Glenn Britt was unable to provide any further detail into the split.
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