New York - In a move expected by analysts, media conglomerate Time Warner (NYSE: TWX) will completely spin off its cable TV company, CEO Jeffrey L. Bewkes announced in a statement on Wednesday. "A complete structural separation of Time Warner Cable, under the right circumstances, is in the best interest of both companies' shareholders," said Bewkes. "We're working hard on an agreement with Time Warner Cable, which we expect to finalize soon."

Time Warner Cable -- the nation's second-largest provider, behind Comcast -- became a separate publicly-traded company last year, but Time Warner retained an 83% stake.

Time Warner said its cable TV profits rose 7% in the first quarter of 2008, while the company added 55,000 new basic cable subscribers.

Related Links:
http://www.nytimes.com/2008/04/30/business/30warner-web.html

http://snipurl.com/26j0d (AP)