Time Warner Cable Spin-off Reaches Final Stage

NEW YORK: Time Warner said late yesterday that it had begun distributing to its stockholders Time Warner Cable shares, marking the final stage in the spin-off of the cable platform.

"We’re excited about Time Warner’s future as one of the leading pure content companies in the world," said Jeff Bewkes, the company’s chairman and CEO. "We remain focused on using our industry-leading scale and brands to create, package and distribute high-quality content on multiple platforms globally. The current economic environment is challenging, but we’re going to continue to run our businesses as efficiently as possible, while investing even more in the top-notch content that defines our brands. I’m confident that we’ll emerge from this downturn in an even stronger position to generate consistent, attractive financial results and improve returns to our shareholders.

Time Warner Cable’s chairman, president and CEO, Glenn Britt, added: “Out of this separation, Time Warner Cable has emerged as the only large pure-play cable distribution company. While our ownership has changed, we remain focused on continuing to do what we do best, delivering entertainment and communications services to homes and businesses, connecting more than 14 million customers to what is important to them. I have great pride in all this company has accomplished and I have great confidence in the future of Time Warner Cable.”