Time Warner Spinoff Shuffles Ranks, Disney New No. 1

Time Warner's spinoff of its cable division dropped the New York-based owner of Time magazine and Warner Bros. to third place among U.S. media companies, behind Walt Disney Co. and News Corp. Disney, based in Burbank, California, reported fiscal 2008 sales of $37.8 billion; News Corp $33 billion. Time Warner divested the unit, the second-largest cable company in the US, because it no longer needed the division to guarantee distribution of its channels including HBO and CNN.