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NEW YORK Time Warner has taken another step toward becoming a content-focused company.
The boards of Time Warner and Time Warner Cable have agreed to a full separation, with TW set to receive $9.25 billion of a one-time dividend to shareholders in the process.
The two have discussed the details of a separation for months, with both management teams saying TWC is doing well, but has different capital and strategic needs.
“After the transaction, each company will have greater strategic, financial and operational flexibility and will be better positioned to compete,” TW president and CEO Jeffrey Bewkes said Wednesday.
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