September 7, 2006 |
Time Warner Inc. won approval Wednesday of a settlement of an investor lawsuit that a judge said would require the company to make changes in how it governs itself. U.S. District Judge Shirley Wohl Kram gave final approval to the settlement of a 2002 suit that claims the directors of America Online and AOL Time Warner knew employees were violating accounting rules. The so-called derivative suit was filed against the company's officers and directors.
August 18, 2006 |
Time Warner Inc. said it would restate its financial results after an independent auditor found problems with the way it accounted for a number of transactions in 2000 and 2001, mainly involving online advertising. The restatement comes as part of a settlement with the Securities and Exchange Commission that was announced last year and required the company to pay a $300-million penalty. Time Warner will restate results going back to 2000.
August 16, 2006 |
Billionaire Carl Icahn spent almost $83 million buying Time Warner Inc. stock in the second quarter, an investment that may have already lost money. Jana Partners, which had joined his fight to break up the company, sold shares. Icahn Management and Icahn Associates bought 4.83 million shares to bring his stake to 61.9 million as of June 30, or 1.5% of the total, according to a filing with the Securities and Exchange Commission. Jana sold 5.6 million shares, a separate filing showed.
July 28, 2006 |
Time Warner Inc.'s board of directors met to hear a proposal to save its AOL online division and approved a plan to raise its cash dividend 10%, or half a penny. Chief Operating Officer Jeffrey Bewkes presented a new strategy for AOL, but a decision has not been reached, said a person familiar with the proceedings. New York-based Time Warner announced a higher cash dividend in a statement after the board meeting but made no mention of AOL.
July 22, 2006 |
Time Warner Inc. plans to file for an initial public offering of its cable television unit shortly after completing the purchase of Adelphia Communications Corp. assets. Papers would be filed "as soon as possible" after the expected close on July 31 and no later than January 2007, said Mark Harrad, a spokesman for Time Warner Cable.
July 14, 2006 |
The cable TV market in Los Angeles is poised for a radical makeover after federal regulators Thursday approved the sale of Adelphia Communications Corp. to Time Warner Inc. and Comcast Corp. Time Warner will become Southern California's largest cable TV provider under the deal, acquiring Adelphia's 1.2 million subscribers in the region along with 500,000 from Comcast in a complicated swap of assets arising from Adelphia's collapse into bankruptcy in 2002 amid an accounting scandal.
June 29, 2006 |
Federal Communications Commission Chairman Kevin J. Martin wants Comcast Corp. and Time Warner Inc. to grant competitors access to local sports programs as part of the two companies' $17.6-billion purchase of Adelphia Communications Corp., FCC officials familiar with the matter said Wednesday. Martin made the proposal last week to the other four FCC commissioners, the people said.
June 20, 2006 |
Liberty Media Corp. won a retraction from U.S. regulators of an order that barred the company from owning voting stock in Time Warner Inc. The Federal Trade Commission voted unanimously to set aside the order, the agency said in a notice posted Friday on its website. Englewood, Colo.-based Liberty, controlled by billionaire John Malone, had asked the FTC to rescind the order. The FTC's voting restrictions stem from Time Warner's 1996 purchase of Turner Broadcasting System Inc.
June 7, 2006 |
Time Warner Inc.'s cable television unit will use OpenTV Corp. software to add functions such as messaging, enhance program guides and add new products more quickly. The software will be used by some Time Warner Cable customers starting in late 2006, San Francisco-based OpenTV said. Financial terms weren't disclosed. OpenTV shares gained 45 cents, or 13%, to $3.91.