AOL aims for mammoth IPO of cable business.

Financial News, August, 2002

Byline: Shanny Basar

AOL Time Warner, the US media and entertainment firm, has come to an agreement with AT&T to unwind their Time Warner Entertainment (TWE) joint venture including an initial public offering of Time Warner Cable to raise at least $2.1bn ([euro]2.14bn).Bear Stearns acted as lead financial advisor to AOL Time Warner with Lehman Brothers also acting as a financial advisor. Paul, Weiss, Rifkind, Wharton & Garrison was AOL Time Warner's legal advisor.

AOL Time Warner is assuming complete ownership of Time Warner Entertainment (TWE's) content assets. When AOL acquired Time Warner in January 2000, it valued the takeover target at $181bn. In March this year, AOL Time Warner took a $54bn charge, the largest on record, to reflect the media...

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