Going public should mean that Time Warner Cable would be distancing itself from Time Warner Inc., right? Instead, the companies are getting closer. Literally.
The second-largest cable operator is quietly planning to relocate its headquarters from suburban Stamford, Conn., to Manhattan's Time Warner Center.
The move will involve primarily top management—President/CEO Glenn Britt and a handful of executives who report directly to him—along with staffers in treasury and public relations. Details are in the offing, but one executive estimates it may involve 20-30 of 200 employees.
The company is going public as part of its $16.9 billion acquisition of Adelphia Communications, which was partly paid for in stock that will soon be distributed to Adelphia's many creditors. Time Warner will continue to own 84% of the cable unit.
Still, Britt figures that the company needs to be closer to Wall Street and the center of the media world.
Some will no doubt enjoy the upscale Shoppes at Columbus Circle and Whole Foods on the buildings's lower floors. But others with homes in the suburbs may grouse about their suddenly elongated commutes. At least one executive won't mind: Britt owns an apartment on Manhattan's East Side.
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