PxPixel
Bewkes: TWC Split On Track - Broadcasting & Cable

Bewkes: TWC Split On Track

Ad sales at Turner up 9% despite economy
Author:
Publish date:

Time Warner Inc. CEO Jeffrey Bewkes said that the planned split-off of its Time Warner Cable unit is going ahead as planned, despite some concerns that the MSO might run into snags raising the necessary debt for the transaction.

As part of the planned split, TWC will pay out a $10.9 billion cash dividend—$9.25 billion of which goes to Time Warner Inc. Earlier this year, TWC raised about $5 billion in debt for the dividend and apparently has the rest in place.

On a conference call with analysts to discuss Time Warner Inc.’s third quarter results, Bewkes said the split is making progress.

“It [TWC] has more than sufficient committed financing in place. From a timing perspective, the gating factor continues to be the regulatory process,” Bewkes said on the call. “We still think we are on pace to close [the deal] by early next year.”

Click here to read the complete article on www.multichannel.com.

Related