Time Warner Cable goes public in Adelphia deal

Time Warner Cable Inc. officially became a public company after a judge cleared the way for a reorganization plan for Adelphia Communications Corp., which is being acquired by Time Warner Cable and Comcast Corp.

Time Warner Cable said its shares would begin trading on the New York Stock Exchange as early as March 1 under the ticker symbol TWC. The company will still be majority owned and controlled by parent company Time Warner Inc.

As part of its payment for many of Adelphia’s cable assets -- the rest of which are going to Comcast -- Time Warner Cable will distribute 156 million shares of its stock, or about 16% of its total outstanding shares, to stakeholders in Adelphia. That stake is valued at approximately $6 billion.