US West Sells Time Warner Shares
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NEW YORK — US West Media Group Inc. said it sold slightly more than 4.4 million shares of Time Warner Inc. for $220 million, as the stock reached a record.
The sale, coming less than a month after Seagram Co.’s sale of 30 million Time Warner shares, is part of a plan announced earlier this year by US West Media to sell $1 billion of assets it didn’t consider strategic, firm spokesman Steve Lang said.
The sale has nothing to do with Time Warner Entertainment, a partnership between Time Warner and US West that includes cable systems, Warner Bros. studio and the Home Box Office cable channel.
It’s the second time in the last month that a large stake in Time Warner was sold all at once in what is known as a block trade.
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