NEW YORK — Time Warner Inc. said Wednesday it would formally split off its cable TV business, giving the media conglomerate a $9.25-billion windfall and allowing it to focus on cable network, entertainment and publishing operations. The separation of Time Warner Cable Inc. would get Time Warner out of the media distribution business altogether, something investors had been clamoring for. The company announced its decision to split up last month and said Wednesday that the boards of the two companies had agreed to financial terms. Time Warner Cable is the second-largest cable provider in the country after Comcast Corp., with about 13.3 million video subscribers. It has been a public company for more than a year, but Time Warner had held on to an 84% stake. For the full story visit http://www.latimes.com/business/la-fi-timewarner22-2008may22,0,1891395.story
