Time Warner Set to Outline Cable Sale: Report

Time Warner CEO Jeffrey Bewkes will announce restructuring efforts that include a plan to divest the media company's cable assets and to break up its AOL properties later in the year when he speaks to investors Wednesday, the Washington Post reported.

The plan will outline either a sale or spinoff of Time Warner Cable in an attempt to reverse declines in the stock price, the Post said, citing a source close to the company.

The company also plans to sell AOL's Internet service provider business later in 2008, while keeping its online advertising business, the paper said.

Time Warner owns an 84-percent stake in publicly traded Time Warner Cable and a spinoff could create a company worth about $34 billion, according to the Post.

The company reports earnings ahead of trading Wednesday, with analysts surveyed by Thomson Financial predicting a fourth-quarter profit of 29 cents a share, up from 22 cents a share in the same quarter a year ago.

Shares of Time Warner are off more than 25 percent in the past year.