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CNN Live At Daybreak

AOLTW to Sell Stake in Comedy Central

Aired April 22, 2003 - 06:46   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


CAROL COSTELLO, CNN ANCHOR: On the business front this morning, AOL Time Warner is close to selling one of its assets and it's no laughing matter.
Allan Chernoff is in New York with more on the business buzz this morning.

Allan, tell us about it.

ALLAN CHERNOFF, CNN FINANCIAL NEWS CORRESPONDENT: Well, good morning.

I'm sure the people at Comedy Central will find a way to laugh about this. According to published reports, AOL planning to actually sell its half interest in Comedy Central for $1.2 billion to Viacom, which owns the other half of Comedy Central. The whole idea here for AOL Time Warner is to cut its debt. CEO Dick Parsons has said he is going to do that. The debt is estimated at about $29 billion. So this certainly would be a step in that direction.

Also, Carol, we have reports this morning of more Securities and Exchange investigations into AOL's advertising revenue. Apparently the SEC, according to the "Washington Post," looking into ad deals that AOL had struck with Monster.com and also DrKoop.com (ph).

COSTELLO: Of course we'll all be following that with much interest here at CNN.

Bring us up to date about Alan Greenspan.

CHERNOFF: Alan Greenspan going into surgery today. This is for an enlarged prostate, nothing terribly unusual. In fact, the Fed chairman had this surgery done back in 1994. Nothing cancerous here. In fact, the Fed chairman will not be under general anesthesia. So perhaps the big question may be whether or not he'll reveal anything about interest rate policy to the surgeon. But the Fed chairman believed to be in very good health and in fact, he is expected to be back on the job later this week.

COSTELLO: That brought an ugly picture to my mind, Allan. Allan Chernoff, many thanks, live from New York this morning.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com







Aired April 22, 2003 - 06:46   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: On the business front this morning, AOL Time Warner is close to selling one of its assets and it's no laughing matter.
Allan Chernoff is in New York with more on the business buzz this morning.

Allan, tell us about it.

ALLAN CHERNOFF, CNN FINANCIAL NEWS CORRESPONDENT: Well, good morning.

I'm sure the people at Comedy Central will find a way to laugh about this. According to published reports, AOL planning to actually sell its half interest in Comedy Central for $1.2 billion to Viacom, which owns the other half of Comedy Central. The whole idea here for AOL Time Warner is to cut its debt. CEO Dick Parsons has said he is going to do that. The debt is estimated at about $29 billion. So this certainly would be a step in that direction.

Also, Carol, we have reports this morning of more Securities and Exchange investigations into AOL's advertising revenue. Apparently the SEC, according to the "Washington Post," looking into ad deals that AOL had struck with Monster.com and also DrKoop.com (ph).

COSTELLO: Of course we'll all be following that with much interest here at CNN.

Bring us up to date about Alan Greenspan.

CHERNOFF: Alan Greenspan going into surgery today. This is for an enlarged prostate, nothing terribly unusual. In fact, the Fed chairman had this surgery done back in 1994. Nothing cancerous here. In fact, the Fed chairman will not be under general anesthesia. So perhaps the big question may be whether or not he'll reveal anything about interest rate policy to the surgeon. But the Fed chairman believed to be in very good health and in fact, he is expected to be back on the job later this week.

COSTELLO: That brought an ugly picture to my mind, Allan. Allan Chernoff, many thanks, live from New York this morning.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com