Time Warner also said that it would redeem $1bn of long-term debt, which would be funded with $363m from the sale of its stake in the Hasbro toy company and $500m from the issue of new10-year notes.
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Time Warner is negotiating to sell back its 50per cent stake in the controversial "gangsta rap" label Interscope Records to the record company. The media group bought its stake in Interscope for $100m, paying $20m in 1992 and $80m earlier this year, but in recent months has faced a rising tide of criticism over the content of some "gangsta" lyrics.