In a step toward taking Time Warner Cable public, 18% owner Comcast Corp. has asked Time Warner Inc. to register those shares with the Securities and Exchange Commission.
Comcast got the stake as part of the restructuring of Time Warner Entertainment, which owned most of Time Warner’s cable systems plus Home Box Office and Warner Bros.
Comcast acquired the TWE stake when it bought AT&T Broadband and agreed to surrender the interests in the content operations in exchange for a stake in all of Time Warner’s cable systems. Time Warner Cable shelved a planned IPO last year amidst a weak market and a flurry of SEC investigations into its corporate sibling, America Online. Time Warner said it can’t predict when the securities will be registered.