NEW YORK (CNN/Money) - AOL Time Warner Inc., Comcast Corp. and AT&T Corp. are near an agreement to unwind the Time Warner Entertainment partnership, which likely will result in an initial public offering of a minority stake in AOL's cable-television company, according to a published report Monday.

AOL Time Warner currently controls 74.5 percent of Time Warner Entertainment, and AOL CEO Dick Parsons has wanted to unwind the partnership to make the company's structure easier to understand. AT&T has wanted to exit TWE for regulatory issues and help raise cash to reduce debt, according to the Wall Street Journal.

AT&T (T: Research, Estimates), which is in the process of merging its cable operations with Comcast's, has tried to sell its stake in TWE back to AOL, but the companies have not been able to agree on a price, which analysts peg at around $10 billion, the paper reported.

The current plan is for AOL Time Warner to transfer its Warner Bros. and HBO units back into AOL Time Warner in exchange for giving AT&T Comcast a larger stake in Time Warner Cable, which it then would take public in an IPO, according to the Journal, citing people familiar with the situation.

AOL Time Warner then would own about 65 percent of the cable company and make it easier for it to pursue future cable mergers, the paper reported.

News of the TWE unwinding follows top-level executive changes at AOL Time Warner, where two former Time Warner executives were promoted to oversee operations of the company and chief operating officer Robert Pittman quit.

AOL Time Warner (AOL: Research, Estimates) is the parent company of CNN/Money.