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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.
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