US media group Time Warner is set to announce the spin-off of its cable TV unit in a deal that could raise up to USD4 billion. UK newspaper The Times reports that Time Warner’s CEO Jeffrey Bewkes has agreed the move after three months of negotiations with the management of 84%-owned subsidiary Time Warner Cable. It is expected that existing Time Warner shareholders will receive a holding in the demerged business. In a letter to shareholders in February Bewkes wrote: ‘We have long believed that cable is a great business. But, as the industry evolves, Time Warner Cable has increasingly different capital and financial needs than our other businesses.’ According to TeleGeography’s GlobalComms database, Time Warner Cable provides television, telephony and high speed internet services via its networks which pass 26.3 million homes in 33 states.