News
April 30, 2008
Time Warner Splits Cable Services
Poster: Aron Schatz
Posted on April 30, 2008 at 2:38:46 PM
In a move to become more relevant, Time Warner will spin off its cable service unit. It shouldn't have bought AOL in the first place. Bad move.
Quote
Time Warner currently owns around 84 percent of Time Warner Cable. The media giant, which has been struggling of late, has been rumored to be discussing an AOL partnership with Yahoo. "A complete structural separation of Time Warner Cable, under the right circumstances, is in the best interest of both companies' shareholders," CEO Jeff Bewkes said in a release. The company also reported first-quarter earnings on Wednesday. Gains in its Turner cable networks and phone and broadband division were offset by slow ad sales at AOL and a decline in the Filmed Entertainment division.
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