Time Warner Cable completes spinoff

March 17, 2009

Time Warner Inc. announced in a securities filing Friday that it has completed its spinoff of Time Warner Cable.

Before the separation, the cable company paid a special cash dividend of $10.27 per share to its shareholders, for $10.86 billion. Time Warner Cable also put into effect a 1-for-3 reverse stock split.

The standalone company is the nation's second largest cable operator, serving more than 14 million customers. The cable company simultaneously launched Primetime On Demand, a new channel for various broadcast and cable networks’ primetime lineups, including NBC, CBS, USA and FX.

"Primetime On Demand is a free on demand channel that our customers are going to love," said Lisa Stockmon, Vice President of Corporate Marketing.

"We are now able to provide more of the quality programming our customers have come to expect," she added. "And the best part is that it is now very convenient for them to see their favorite primetime shows at any time, all from the comfort of their couch."

Time Warner Cable plans to increase the amount of programming to include additional networks and broadcasts.

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