Time Warner says they may be reducing their ownership stake (via Techdirt) in Time Warner Cable, and they are looking for a major Internet content company to buy -- a decision that's interesting considering how their AOL acquisition went. The move is driven by concerns that investment funds would be better spent on content instead of delivery:

"Getting rid of a big chunk of its cable holdings would transform the nature of Time Warner, making it more reliant on its role as a provider of filmed entertainment and print and Web content. For years, Time Warner has believed in wedding its movies and television programs to powerful distribution networks -- primarily its cable operation -- as a way to ensure that their content wouldn't be blocked by rivals. But with the Internet increasingly serving as a home for TV and film offerings, content companies may feel they no longer need to control old-style distribution networks such as cable or satellite TV."

Time Warner owns 84% of Time Warner Cable, which went public just a few weeks ago.