时代华纳将分拆有线电视资产

飞雪寒冰

时代华纳(Time Warner)周三证实，计划在“法律和结构上彻底”与时代华纳有线电视(Time Warner Cable)分离，并从分拆后者获得高于预期的92.5亿美元股息。
  Time Warner will receive a higher than expected $9.25bn dividend from the spin-off of Time Warner Cable, it said on Wednesday as it confirmed plans for a “complete legal and structural separation” of the two companies.

   
这是自杰夫•比克斯(Jeff Bewkes)今年1月成为时代华纳首席执行官以来的最大战略举措。比克斯表示，它将有助于两家公司的管理层各自关注实现自身业务潜力，同时给予投资者更大的选择余地。
Jeff Bewkes’ biggest strategic step since becoming Time Warner chief executive in January would help each company’s management focus on realising the potential of its respective business and give investors greater choice, Mr Bewkes said.

   
比克斯还表示：“我们看好时代华纳有线电视的前景，但其战略目标及资金需求与我们其它业务的差异越来越大。”他的讲话突显出时代华纳维持“稳健”投资级别信贷评级的雄心。
“We’re bullish on Time Warner Cable’s prospects, but its strategic goals and capital needs are increasingly different from those of our other businesses,” he added, underlining Time Warner’s ambition of maintaining “solid” investment grade credit ratings.

飞雪寒冰

花旗集团(Citigroup)和高盛(Goldman Sachs)是时代华纳的首席财务顾问。FaGuo巴黎银行(BNP Paribas)、美国银行(Banc of America)、德意志银行(Deutsche Bank)及瓦乔维亚银行(Wachovia)也是该公司的顾问。
Citigroup and Goldman Sachs are lead financial advisers to Time Warner and BNP Paribas, Banc of America, Deutsche Bank and Wachovia are also advising the company.

   
时代华纳有线电视的顾问是摩根士丹利(Morgan Stanley)，Evercore为其董事会特别委员会的财务顾问。时代华纳有线电视表示，该公司董事会一致赞同这笔交易。
Time Warner Cable is being advised by Morgan Stanley while Evercore is serving as financial adviser to the special committee of Time Warner Cable’s board, which said it unanimously recommended the transaction.

   
信用评级公司穆迪(Moody’s)确认了两家公司的信用评级，并补充称：“我们相信，额外的现金还可用于重振（时代华纳的）互联网战略，帮助该公司过渡到新老媒体资产的健康平衡。”
Moody’s, the credit rating agency, confirmed both companies’ credit ratings, adding: ”We believe the additional cash could also be used to reinvigorate [Time Warner’s] internet strategy and to help transition the company towards a healthy balance of old and new media assets.”

飞雪寒冰

时代华纳有线电视首席执行官格伦•布里特(Glenn Britt)表示：“通过一笔交易，我们就提高了战略和财务灵活性，简化了资本结构，增加了公众持股数量和股票流动性，并向股东回报了可观的资金。”
“In a single transaction we increase our strategic and financial flexibility, simplify our capital structure, enhance the public float and liquidity of our stock and return substantial capital to our stockholders,” said Glenn Britt, chief executive of Time Warner Cable.

   
时代华纳有线电视约占母公司收益的40%。
Time Warner Cable accounts for about 40 per cent of its parent company’s earnings.

   
两家公司的分拆应于第四季度完成，但仍需美国国税局(IRS)做出有利裁定，以确保这笔交易时代华纳股东可以节税。
The separation, which should be completed in the fourth quarter, is subject to a favourable Internal Revenue Service ruling to ensure it will be tax efficient for Time Warner shareholders.

   
在时代华纳有限公司宣布向所有股东派息109亿美元之前，时代华纳将把所持该公司股份从84%提高至85.1%。
Time Warner will increase its holding in the cable company from 84 per cent to 85.1 per cent before Time Warner Cable declares a $10.9bn dividend to all shareholders, worth $10.27 per Time Warner Cable share.