Time Warner
ORG
Time Warner
John C. Malone was interested in capitalizing on Carl C. Icahn's planned proxy fight at Time Warner, as well. Mr. Malone, the media investor, applied to regulators to have a nonvoting 4 percent stake in Time Warner. Time Warner also operates a large cable television business, approval of the deal was contingent on Mr. Malone's having no say over Time Warner's affairs for 10 years. Separately, Fitch Ratings downgraded Time Warner's bonds one notch, from BBB+ to BBB, because of the additional debt the company is expected to take on from its newly planned $20 billion share buyback and its acquisition of Adelphia Communications.