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News > Companies
Time selling some cable
August 4, 1997: 10:16 a.m. ET

Media giant plans to shed systems acquired from Cablevision Industries
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NEW YORK (CNNfn) - Time Warner Inc. is selling off seven cable systems valued at $350 million.
     The sale of cable systems in Louisiana, Mississippi, Tennessee and Michigan is part of the company's efforts to focus on core businesses.
     The systems serve about 154,000 of Time Warner's 12.4 million subscribers nationally. They were acquired in early 1996 as part of the purchase of Cablevision Industries Inc.
     The systems aren't part of Time Warner's partnership with U S West Inc., called Time Warner Entertainment Co. Time Warner owns 74.5 percent of the partnership, which holds the majority of Time Warner's cable systems, the Warner Brothers movie business and Home Box Office.
     Because of its $18 billion debt load, Time Warner had been under pressure to shed cable operations, but Wall Street has begun to consider those businesses more favorably, according to various press reports. Microsoft's Bill Gates decision to invest $1 billion in cable concern Comcast Corp. has helped to change perceptions.
     Time Warner is the parent company of CNN and CNNfn. Back to top

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