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Time Warner Cable to take loss on Windjammer sale

Thu Jul 10, 2008 5:48pm EDT

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NEW YORK, July 10 (Reuters) - Time Warner Cable (TWC.N) said on Thursday that it will sell a group of small cable systems to Windjammer Communications, and record a second-quarter non-cash loss on the sale.

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The sale involves 80,000 basic video subscribers located outside Time Warner Cable's main geographic clusters, the company said.

It plans to post a second-quarter, pre-tax, non-cash charge of about $45 million, and will record it as a component of operating income.

Time Warner Cable expects the sale to Windjammer, a venture between MAST Capital Management LLC and Communications Construction Services, will close in the fourth quarter. (Reporting by Robert MacMillan; Editing by Tim Dobbyn)

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