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TIME WARNER ANNOUNCES PLANS FOR CABLE-SPEED ONLINE SERVICE
Published May 18, 1995
Time Warner opens its annual shareholders meeting today with the dual announcements that the company will chip away at its debt by selling off 15 small cable systems for $260M and that they plan to launch their own commercial online service featuring news and entertainment from Time Inc.'s magazines and Warner Brothers' TV, film and music groups. While most online services are delivered on commercial phone lines, Time Warner's yet-to-be- named service will come over coaxial cable lines in the company's cable network and through other cable operators. Time Inc. New Media Senior VP Paul Sagan: "People are gravitating to online services. We think that marrying it to the high-speed delivery of cable is even better" (Mark Landler, N.Y. NEWSDAY, 5/18). PERELMAN AT THE GATE: Time Warner's stock jumped $1.50 upon reports that financier Ronald Perelman was considering a purchase of Seagram Co.'s almost 15% stake in the company. However, one exec familiar with Time Warner said that Perelman called Time Warner CEO Gerald Levin to refute the rumors (WALL STREET JOURNAL, 5/18). VARIETY cites insiders who say that Seagram "has not even begun to work on selling the shares and no deal is imminent" (DAILY VARIETY, 5/18).