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Thursday, January 16, 2014

Time Warner to relocate New York headquarters, (NYSE: TWX)

Time Warner Inc will relocate its Manhattan corporate headquarters to the Hudson Yards development from Columbus Circle in a move to bring all its business units from HBO to CNN under one roof and save money.The media conglomerate said on Thursday it sold the space it owns in the Time Warner Center at Columbus Circle for $1.3 billion to real estate company Related Companies, an entity owned by the Abu Dhabi Investment Authority (ADIA) and fund management company GIC.Time Warner will lease the office space at Columbus Circle until early 2019. Additionally, the media company made an undisclosed financial commitment to Related Companies and Oxford Properties Group, the developers behind the Hudson Yards, to relocate all of its divisions to the west side of Manhattan.Time Warner currently owns or leases space in seven buildings.

Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX fell by 0.17% or $-0.11/share to $65.03. In the past year, the shares have traded as low as $49.23 and as high as $70.77. On average, 4340090 shares of TWX exchange hands on a given day and today's volume is recorded at 3008965.