SBD/19/Sports Media

TIME WARNER CONTINUES PUSH TO CUT DEBT

     At yesterday's shareholders meeting in New York, Time Warner
Chair Gerald Levin confirmed the company is selling 15 of its
cable systems for $263.7M.  The sale represents "the latest move
by Levin to whittle down Time Warner's $15 billion in debt and
marks the continuation of an agressive debt reduction plan
started just over three months ago," according to Greg Clarkin in
today's NEW YORK POST.  Systems serving 144,000 customers in AK,
KS, MS, MO, NJ, TN, and PA will be bought by TCA Cable TV, TCA
Partnership, Classic Cable, York Cable TV, Lenfest
Communications, Raystay, and Intermediate Partners.  Time Warner
shares dropped one point yesterday to close at 39 1/4 (NEW YORK
POST/Mult., 5/19).
     NO COMMENT, SOME COMMENT:  When asked if Revlon and New
World Communications head Ron Perelman is trying to buy 14.9% of
Time Warner stock currently held by Seagram's, Levin declined to
comment (AD AGE ONLINE, 5/19).  However, Levin did say that Time
Warner and AT&T have had discussions about providing joint
telephone service, and that the company "is interested in
expanding its relationship with Japanese partners Itochu and
Toshiba" (N.Y. POST, 5/19).
     MEANWHILE, ON THE UPPER WEST SIDE:  Capital Cities/ABC Chair
and CEO Thomas Murphy told shareholders yesterday that the
company has not "ruled out the possibility of a major corporate
acquisition," but will focus on growth through expansion of
television production and overseas operations.  Cap Cities/ABC
President Robert Iger said ESPN has had "excellent" performance
and that ESPN2 "should be in the black late in 1995, somewhat
ahead of projections" (AD AGE ONLINE, 5/19).
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ABC, ATT, ESPN, Media, Time Warner, Walt Disney

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