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Wall Street Breakfast: Must-Know News
Posted on May 21, 2008
It's about Time. Time Warner (TWX) is spinning off its 84% stake in Time Warner Cable (TWC). TWC will pay a one-time cash dividend of $10.9B, of which TWX will receive $9.25B, which it says it will distribute to shareholders. We're bullish on Time Warner Cable's prospects, but its strategic goals and capital needs are increasingly different from those of our other businesses, TWX CEO Jeffrey Bewkes said. He's been under pressure to exit the cable business in order to focus on fixing the ailing AOL. Take that, Google. A Yahoo-less Microsoft (MSFT) has a new search-ad trick up its sleeve: c...
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