French Holding Co. Posts $25.7 Mil. Profit

Paris-based Havas returned to profitability in 2002, last week posting full-year net income of $25.7 million. In 2001, the holding company recorded a loss of approximately $60 million. Full-year revenue was $2.15 billion, down about 7 percent from 2001.

Time Warner Cable IPO Expected

AOL Time Warner plans to spin off its Time Warner Cable unit in an IPO by the end of the second quarter or late summer, CEO Richard Parsons said last week. The New York-based media giant, aiming to cut its $27 billion debt, said it also intends to sell $2-4 billion in non-core assets, including its three Atlanta sports teams, its book publishing group, and stakes in Court TV and Comedy Central.