A breakthrough in the $8bn Time Warner-Turner Broadcasting merger talks may signal a deal as early as mid-week, sources in New York said. It is believed that John Malone, head of TCI, has agreed to swap his company's 21 per cent holding in Turner for an 8 per cent stake in the enlarged Time Warner. Ted Turner, the founder and controlling shareholder of Turner Broadcasting, would receive a 10 per cent stake. Mr Malone is believed to have been offered the right to take his holding even higher in the future.
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