Bewkes: TWC Split On Track For Early 2009
Says company won't use dividend for acquisitions
By Mike Farrell -- Multichannel News -- Broadcasting & Cable, 12/10/2008 1:50:00 PM
Time Warner Inc. CEO Jeff Bewkes said at an industry conference here Wednesday that the long-awaited split with Time Warner Cable should occur early next year, adding that regulatory approval of the breakup should come shortly.
At the UBS Media and Communications conference, Bewkes said that regulatory approval should come in the “next month or so,” with execution of the deal in early 2009.
The split will transform Time Warner into a pure-play content provider, with its Warner Bros. movie studios, cable networks and publishing division. As a result of the split, Time Warner Inc will receive a $9.2 billion cash dividend from Time Warner Cable, an asset that Bewkes said would be managed carefully.
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