March 8, 2007 |
Time Warner Inc. will pay $144 million to Ohio and five state pension funds to settle a securities-fraud lawsuit, resolving one of the last claims over its 2001 acquisition by America Online Inc. The payment is $135 million more than the pension funds would have received had they participated in a $2.4-billion settlement with shareholders in 2005, Ohio Atty. Gen. Marc Dann said. The company also agreed to cover $31 million in legal fees and expenses.
March 7, 2007 |
Ted Turner said he sold all of his stock in Time Warner Inc., a year after leaving the media company's board. Turner, who had 31.3 million shares as of May, stepped down as a director last year, a decade after selling CNN and other cable networks he created to Time Warner. He was Time Warner's largest shareholder in 2000, when it agreed to be bought by AOL. The stock lost more than half its value in the next three years.
February 14, 2007 |
Time Warner Cable Inc. officially became a public company after a judge cleared the way for a reorganization plan for Adelphia Communications Corp., which is being acquired by Time Warner Cable and Comcast Corp. Time Warner Cable said its shares would begin trading on the New York Stock Exchange as early as March 1 under the ticker symbol TWC. The company will still be majority owned and controlled by parent company Time Warner Inc.
February 1, 2007 |
With strong cable-TV results leading the way, Time Warner Inc. on Wednesday reported a 34% surge in fourth-quarter profit. The world's largest media company, parent of Warner Bros. Studios, CNN, HBO and Time magazine, posted net income of $1.75 billion, or 44 cents a share, up from $1.3 billion, or 28 cents, a year earlier. Profit was fattened by a $769-million gain on the sale of AOL Internet access businesses in Europe, as well as $900 million in tax benefits.
January 3, 2007 |
Time Warner Inc. has sold the Progressive Farmer magazine to publisher DTN for an undisclosed amount as part of a plan to shed smaller Time Inc. publications. The Progressive Farmer, formed in 1886, is targeted toward rural readers and has more than 600,000 subscribers, the Omaha-based DTN said in a statement. Time Warner, the world's biggest media company, decided to sell after receiving an offer from DTN, Time Inc. spokeswoman Dawn Bridges said in an interview.
December 28, 2006 |
Time Warner Inc.'s defunct WB network and CBS Corp. will pay Granite Broadcasting Corp. about $13.2 million to settle a lawsuit over claims that they disrupted the sale of two TV stations. WB prematurely ended affiliations with Granite's KBWB in San Francisco and WDWB in Detroit, leading to cancellation of a planned $180-million sale to AM Media Holdings, Granite claimed in a May 17 complaint in Delaware Chancery Court.
November 9, 2006 |
In an about-face that highlights Hollywood's long-standing tensions with China, Time Warner Inc. is pulling out of an ambitious, four-year theater venture in the country because of tightened restrictions on foreign ownership. The decision, announced Wednesday, came after its Warner Bros. unit tried unsuccessfully for more than a year to negotiate a compromise with the Chinese government over a July 2005 ruling requiring outside investors to cede control in ventures to their Chinese partners.
November 2, 2006 |
Time Warner Inc. could be about to shed its status as a Wall Street dud. Shares of the entertainment giant closed at a four-year high Tuesday of $20.01 before retreating slightly Wednesday, after the company reported earnings that were a shade shy of Wall Street expectations. The company, which recently became the dominant cable operator in Los Angeles as a result of a deal with Adelphia Communications Corp. and Comcast Corp.
November 1, 2006 |
Walt Disney Co. is nearing multiyear deals to continue to supply billions of dollars worth of content to the two largest U.S. cable operators, Comcast Corp. and Time Warner Cable, people involved in the talks said. The negotiations have been going on for years and cover a wide range of issues, including the license fees Disney will charge for ESPN, the Disney Channel and its other networks.