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AT&T, AOL unravel TWE venture

By BroadCasting & Cable Staff -- Broadcasting & Cable, 8/21/2002 8:30:00 AM

According to Reuters, AOL Time Warner Inc. and AT&T Corp. said on Wednesday they would dissolve a 10-year-old partnership in an estimated $9 billion deal that will help AT&T trim its debt pile and help AOL simplify its corporate structure.

AT&T plans to sell its 27.6-percent stake in the partnership, Time Warner Entertainment, which includes the HBO cable channel, Warner Brothers film studio and Time Warner Cable, for $2.1 billion in cash, $1.5 billion in AOL stock and a 21 percent stake in a new publicly traded company holding the cable systems.

AOL, for its part, will get complete control of HBO, Warner Brothers, Court TV and Comedy Central, and the remaining 79 percent of the new company, to be dubbed Time Warner Cable.

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