Time Warner Cable spinoff set for March 27

Move touted as 'benefit' to company stockholders

NEW YORK -- Time Warner said late Thursday that it will complete the separation of Time Warner Cable via a tax-free spinoff March 27.

All TW stockholders of record late March 12 will receive a certain number of shares of TWC for every TW share they hold. TW expects to distribute about 0.083710 share of TW Cable common stock for each share of TW stock.

Also, both firms set one-for-three reverse stock splits for the time of the separation.

"We're confident that this separation will benefit Time Warner and Time Warner Cable stockholders," TW chairman and CEO Jeff Bewkes said. "Both companies will be better positioned to compete, with capital structures more suited to their respective needs as well as greater operational, financial and strategic flexibility."