Time Warner closer to spinoff of cable business

By Lisa Kerner

Charlotte, N.C., April 30 - Time Warner Inc. chief executive officer Jeff Bewkes said the company expects to finalize an agreement "soon" with Time Warner Cable as it continues to move forward with key structural initiatives.

"We've decided that a complete structural separation of Time Warner Cable, under the right circumstances, is in the best interests of both companies' shareholders," Bewkes said in a news release announcing the New York-based media and entertainment company's first-quarter 2008 financial results.

According to the release, Time Warner Cable's revenues were up 8%, or $309 million, at $4.2 billion, and subscription revenues also grew 8%, or $301 million, to $4.0 billion for the first quarter.

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