• Bloomberg, Thursday, May 22, 2008 10:45 AM

Time Warner and its cable television arm, Time Warner Cable, announced Wednesday that they were splitting with the parent company, receiving $9.25 billion in the deal. Jeffrey Bewkes, Time Warner chief, says funds from the separation could be used to invest in film, TV, Internet and publishing businesses.

"Time Warner is a company in the midst of a sweeping transformation into a pure content company," says portfolio manager Matt Kaufler. "There will be more steps before year-end." Other analysts agree, pointing to a spinoff of AOL.

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