AOL Time Warner Inc. continues to chip away at its hefty debt load, agreeing
Friday to sell its Warner Music Group's DVD- and CD-manufacturing business to
Canadian company Cinram International Inc. for $1.05 billion in cash.
AOL Time Warner is aiming to reduce $25 billion in debt. So far, its recent dealings have
generated about $3.8 billion toward that goal, chairman and CEO Richard Parsons
said in a prepared statement.
That includes the recent $1.2 billion sale of the company's stake in Comedy Central
to Viacom Inc.
Under the latest deal, Cinram will buy Warner Music's DVD- and CD-manufacturing, printing, packaging, physical-distribution and merchandising
The company will also handle the same businesses for AOL's Warner Home Video
and New Line Cinema's DVDs and CDs in North America and Europe.