A number of months ago, I read that TWX was spinning-off its TWC holdings, and giving the TWC shareholders a $10 special dividend, but I've not heard any more about it, nor have I seen the money. Has anyone heard anything lately?
Time Warner Cable Inc., the nation's second largest cable operator, announced a public debt offering on Thursday to help finance a special dividend to be paid just before the company separates from its parent, Time Warner Inc. The split is expected to take place by early 2009.
If the separation is not completed, the company said it will use the proceeds for general corporate purposes, including debt repayment.
"Understandably we’ve gotten questions lately about Time Warner’s Cable’s ability to finance the dividend but as Time Warner Cable outlined in its call this morning, it has more then sufficient committed capital, committed financing in place. So from a timing perspective the gating factor continues to be the regulatory process but we still think we’re pace to close by early next year."