This excerpt taken from the TWX 10-K filed Feb 23, 2007.
Sale of Turner South
On May 1, 2006, the Company sold Turner South, a subsidiary of Turner Broadcasting System, Inc. (Turner), to Fox Cable Networks, Inc. for approximately $371 million in cash, resulting in a pretax gain of approximately $129 million. Turner South has been reflected as discontinued operations for all periods presented. A tax benefit of $21 million was also recognized on this transaction, resulting primarily from the release of a valuation allowance associated with tax attribute carryforwards offsetting the tax gain on the transaction.