Cox, Time Warner Redo Partnership
Atlanta -- Cox Communications Inc. and Time Warner Cablerestructured their cable-television partnership -- dubbed TWC Cable Partners -- with eachtaking control of systems in Florida and Staten Island, N.Y., respectively.
Under the new partnership structure, Cox will own acontrolling interest in the 73,300-customer Fort Walton Beach, Fla., system, allowing thecompany to consolidate the operation with its adjacent system in Pensacola.
Likewise, Time Warner will own a controlling interest inthe 109,500-customer Staten Island system, and it will consolidate it with adjacent TimeWarner properties.
According to documents filed with the Securities andExchange Commission, the Florida systems also received about $104 million in cash to beused for planned capital improvements and a reduction of debt.
Since 1992, the two companies have each owned a 50 percentinterest in the partnership, with Cox managing the Fort Walton Beach system and TimeWarner managing the Staten Island system.
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By Kent Gibbons