Time Warner will receive a higher than expected $9.25 billion dividend from the spin-off of Time Warner Cable and has confirmed plans for a “complete legal and structural separation” of the two companies.

Jeff Bewkes' biggest strategic step since becoming Time Warner chief executive in January would help each company's management focus on realising the potential of its respective business and give investors greater choice, Bewkes said. “We're bullish on Time Warner Cable's prospects, but its strategic goals and capital needs are increasingly different from those of our other businesses,” he added, underlining Time Warner's ambition of maintaining “solid” investment grade credit ratings.

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