News Briefing for Wednesday, May 21, 2008 Following through on its announcement during its first-quarter earnings call late last month that it would spin off its cable unit in its entirety, Time Warner Inc. released a statement today saying it has determined the financial terms of the complete separation of Time Warner Cable from the parent company. As part of the separation, Time Warner Cable shareholders will get a $10.9 billion dividend; Time Warner Cable will pay $9.25 billion of that dividend to Time Warner Inc. Payment of this special dividend will saddle the newly independent Time Warner Cable with “significant debt,” the Wall Street Journal reports. Time Warner Inc. investors, meanwhile, hope that with the spin-off, a more focused company will impress Wall Street analysts. [Bloomberg | Reuters | Wall Street Journal]
Microsoft is definitively no longer interested in buying all of Yahoo, according to company CEO Steve Ballmer, Reuters reports. Other types of deals between the two companies may in the offing. [Reuters]
CBS increased its volume of free TV episodes on the Web. [Wall Street Journal]
Live TV commercials are making a comeback as a response to ad-skipping digital video recorder technology, the New York Times reports. [New York Times]
Visit Cable360 to respond to the current poll question: Which political party are cable operators, satellite distributors and telcos more likely to contribute to in the general election for the presidency?
Don’t forget to enter CableFAX: The Magazine’s Programming Awards contest.
What are the best companies to work for in the cable industry? Help CableFAX: The Magazine decide by nominating the companies you think should be on our list of the Top 10 Places to Work in Cable by completing our online nomination form. We will run the Top 10 Places to Work as a Web exclusive on Cable360.net, on CableFAX: The Magazine’s home page and in our Top Operators edition of CableFAX: The Magazine.