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November, 2nd 2007

By BRIAN GARRITY

November 2, 2007 -- Look for Time Warner to spin off the remainder of its stake in its Time Warner Cable unit next year, company insiders said yesterday.

While a transaction - long anticipated - is not imminent, one source familiar with the situation confirmed a cable spin-off is "likely" in 2008.

The parent company has not yet notified the brass at Time Warner Cable, the second largest cable operator, of any intent to make such a move.

Time Warner execs have been up front about mulling the idea of shedding its remaining 84 percent stake in the company.

CEO Dick Parsons publicly discussed the issue back in September.

However, a spin-off would have a big impact on Time Warner's cash flow, which has seen plenty of support from the cable business.

Parsons has warned that a further reduction of its cable stake could impact the company's near-term earnings growth - a cause for pause on pursuing a deal.

Current indications inside the company suggest that those concerns aren't overriding the desire for a spin-off.

If such a deal were to happen, there's still the matter of timing. The company faces minimal tax implications if it waits until after the first quarter of next year.

Time Warner spun off a minority stake in the cable operation in an IPO in March with an eye toward participating in further consolidation of the cable industry.

A spin-off of cable also is waiting on Time Warner sorting out it succession plan. Chief Operating Officer Jeff Bewkes is widely viewed as the front-runner to replace Parsons when he retires.

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source: New York Post
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