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Time Warner to shed its stake in cable operation

NEW YORK — Answering Wall Street’s calls for a slimmer and more focused company, Time Warner Inc.’s chief executive said Wednesday that the cable system operator in which it holds a majority stake would become a completely separate entity. Jeffrey L. Bewkes did not spell out how and when the split-off of Time Warner Cable Inc. would be accomplished. Bewkes said that he was “very optimistic” about the prospects for the cable business but that “we just believe that the two entities would ultimately be more valuable if separated.” Time Warner owns 84% of Time Warner Cable, a portion of which was spun off into a separate public company that began trading last year. For the full story visit http://www.latimes.com/business/la-fi-timewarner1-2008may01,0,7150381.story

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