Magazine content is available exclusively for TIME subscribers.Media a $1 Billion Pacific Alliance
In a deal that has been long anticipated, Time Warner Inc. last week wrapped up a partnership with electronics maker Toshiba and trading company C. Itoh. For $1 billion, the Manhattan-based media giant, parent company of TIME, agreed to sell the two firms a combined 12 1/2% stake in its movie, cable TV and Home Box Office operations.
The new venture, to be called Time Warner Entertainment, will take on $7 billion of Time Warner's $8.8 billion debt, which had been a concern to investors. Time Warner's book, magazine and music divisions will shoulder the remaining $1.8 billion, after it is...
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