Time Warner Cable Inc., the nation’s second-largest cable TV company, today filed with the Securities and Exchange Commission to sell shares in an initial public offering and said it plans to apply to list its shares on the New York Stock Exchange under the ticker “TWC.”
In a filing, the company said it will raise as much as $100 million in the IPO. That listed figure is estimated solely for the purpose of calculating the registration fee. The actual value of the shares being sold is estimated in the billions.
All of the Class A shares are being sold by stockholder Adelphia Communications Corp., and neither Time Warner Cable nor parent Time Warner Inc. will receive any proceeds from the proposed offering.
Stamford, Conn.-based Time Warner Cable has 14.4 million subscribers, including more than 5.4 million digital video customers, and provides Internet access to over 5 million customers.
Time Warner Inc., the world’s largest media company, controls 84 percent of Time Warner Cable’s shares. Greenwood Village, Colo.-based Adelphia controlled the remaining 16 percent stake before Time Warner Cable and Comcast, the nation’s largest cable company, partnered to purchase the cable assets of the bankrupt former cable provider earlier this year.
Time Warner Cable, with about 46,000 employees, reported fiscal 2005 sales of $9.5 billion. The company said it has no plans to pay cash dividends on its common stock in the future, and expects to retain future earnings for use in the operation and expansion of its business.
