The offering comes as the complicated transaction involving TWC and Comcast of the bankrupt Adelphia operations is completed. With cable operators now offering TV, phone and Internet services in a so-called triple-play bundle, investors are optimistic that they will be able to at least outperform competing satellite operators.
Phone companies such as Verizon and AT&T are launching similar bundles--with perhaps the addition of a fourth element in wireless--but the rollouts have been slow and the cable operators have said a significant threat is years away. Time Warner will own 84% of "TWC's" stock.
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