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June 13, 1997updated 05 Sep 2016 12:53pm

US WEST SELLS ITS SHARES IN TIME WARNER

By CBR Staff Writer

US West Media Group Inc has sold slightly more than 4.4 million shares in Time Warner as part of a plan to liquidate non strategic assets. The shares were sold to Salomon Brothers for about $220m. The company says that the sale of the shares is in no way related to Media Group’s 25 percent interest in Time Warner Entertainment, which does not change as a result of this sale. US West says it has sold or agreed to sell nearly $700m worth of non strategic assets this year, on its way toward a goal of $1 billion for 1997. Media Group acquired the Time Warner shares in its merger with Continental Cablevision, now MediaOne, last year (CI No 2,861).

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