U.S.-based media giant, Time Warner, completed the spin off of its cable television division yesterday, as part of an ongoing effort to refocus on its core businesses of film, TV, print, and online media distribution.
Time Warner Cable is now classified as a standalone public company, and is expected to begin trading independently on the New York Stock Exchange by March 1. Shares in Time Warner (NYSE:TWX) were up 1.6% on Tuesday afternoon on news of the spin off.
“We believe Time Warner Cable is positioned to compete successfully in the fast-growing cable sector and to increase value for the shareholders of Time Warner and Time Warner Cable,” commented Dick Parsons, CEO of the Time Warner group.
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