TIME WARNER'S DESIRE TO EXPAND HAS SOME WORRIED

     Time Warner's negotiations to acquire cable systems "are
causing concern on Wall Street, where investors fear the moves
will hurt the company's credit ratings and damp its stock price,"
according to this morning's WALL STREET JOURNAL. Time Warner has
been in discussions with Cablevision and Houston Industries about
their cable operations, although Time Warner "wouldn't comment on
the progress of the talks."  Timothy Pettee, analyst at Alliance
Capital Management Corp: "The $64,000 question is how do they
increase their cable footprint, while lowering the cable
perception that the stock suffers on Wall Street?" (Eben Shapiro,
WALL STREET JOURNAL, 1/18).