Top Focus On Cutting Debt

The company, which last week took control of Turner Broadcasting System Inc, is in active discussions aimed at restructuring its troubled cable-television partnership with U S West Media Group, the executives said.

One Time Warner executive said the talks with U S West are likely to quicken and could yield a deal within months. We want to delever the company, lighten up on cable, and simplify the corporate capital structure, said one executive, speaking on a promise of anonymity.

The executives echoed Ted Turner, founder of Turner Broadcasting and now vice-chairman of the combined company as well as its biggest individual shareholder.

 

He has said he wants Time Warners $17.5 billion debt halved.

Partners since 1992, the two companies have recently been preoccupied with major acquisitions.

Time Warner last week completed its takeover of Turner, a deal unsuccessfully opposed in court by U S West.

And U S West is expected to close next month its $5.3 billion acqusition of Continental Cablevision, the third-ranked US cable operator.

Time Warner now sees itself with the acquisition of Turner, producer of Cable News Network, The Cartoon Network and two studios, as primarily a programming group, the executives said.