Time Warner may trim cable stake

Time Warner Inc. directors will consider reducing the company’s 84% stake in its cable unit at a meeting next month, according to a person with knowledge of the board’s agenda.

The company probably will keep a majority of Time Warner Cable Inc., its fastest-growing unit, said the person, who declined to be identified because the discussions are confidential. The board will meet next month.

Selling shares of the cable unit would give New York-based Time Warner cash to make other acquisitions and rebuild its AOL unit. Chief Executive Richard Parsons said as recently as January that he may reduce the stake over time after taking the division public in March.

Time Warner management will present several options for the cable unit and other divisions to the board, the person said. The board has considered plans to reduce the stake in Time Warner Cable at previous annual meetings, the person said.