Bewkes Memo On Eve Of Time Warner Cable Split: What We're Doing With That $9.25 Billion Dividend
This story was written by Staci D. Kramer.
Time Warner (NYSE: TWX) Chairman and CEO Jeff Bewkes sent out a company-wide memo today describing the corporate landscape as Friday's split with Time Warner Cable (NYSE: TWC) nears, making TW once again a content company without a split personality. (Yes, there is that pesky online access business still bringing in cash over at AOL.) We've posted the full text here. An excerpt:
About that $9.25 billion cash payment: Bewkes said the special cash dividend from TWC is being used to support a variety of initiatives, including last week's investment in Central European Media and experiments in online video under the TV Everywherte rubric. He added; "We're using this money to invest in our businesses, as well as to strengthen our balance sheet and return value directly to our stockholders. In fact, we're committed to investing more money than last year in the top-notch content that defines our brands while we run our businesses more efficiently than ever." (You didn't really expect details.)
By Staci D. Kramer