FCC Approves Time Warner Spin-Off from Time Warner Cable

February 17, 2009

By Mike Peters

The Federal Communications Commission (FCC) has approved the Time Warner's spin-off from Time Warner Cable, the second largest U.S. cable provider. After more than seven months of review at the FCC, and the necessary approval by the Internal Revenue Service (IRS), company officials say the separation should be final by the end of March.

Time Warner Statement Concerning FCC Approval of Planned Separation

Following FCC approval, Time Warner and Time Warner Cable issued the following statement regarding the regulatory and other reviews related to the separation of the two companies:

"With the favorable ruling, we're pleased to report that all regulatory and other necessary governmental reviews of the pending separation of Time Warner and Time Warner Cable are concluded. Now we're working through the process to achieve the separation. That process is on track and expected to be completed by the end of the current quarter."

Time Warner Inc. is a leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks, and publishing.

Time Warner Cable, the Nation's Second-Largest Cable Operator

Time Warner Cable, Inc. is the second-largest cable operator in the U.S., with technologically advanced, well-clustered systems located mainly in five geographic areas - New York State (including New York City), the Carolinas, Ohio, southern California (including Los Angeles), and Texas. As of December 31, 2008, Time Warner Cable served more than 14 million customers who subscribed to one or more of its video, high-speed data, and voice services, representing more than 34 million revenue generating units.