Time Warner Cable stock split
Time Warner Inc( nation’s second largest cable operator, serving more than 14 million customers) said in a securities filing Friday that it has completed its spin-off of Time Warner Cable.
It has disposed of all 300.3 million shares of Time Warner Cable, in line with a separation agreement set in May 2008, before separation it paid a special cash dividend of $10.27 per share to all its shareholders, or $10.86 billion total, which resulted in parent Time Warner receiving $9.25 billion.
Time Warner Cable also put into effect a 1-for-3 reverse stock split.which owns the Time Inc. family of magazines, cable networks CNN and HBO and movie studio Warner Bros., will distribute the cable shares it owns to shareholders on March 27 and enact its own 1-for-3 reverse split.For about every 12 Time Warner shares as of March 12, shareholders will get one post-split share of Time Warner Cable.
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