Time Warner May Cut Its Cable

Compared with how Viacom and Walt Disney have performed this year, the stock of Time Warner (TWX) is a sorry sight: It's at 34, down from a 52-week high of 461/2 in mid-October. Major shareholders are putting pressure on management to do something soon--or else. Seagram, with a 15% stake, has been after Chairman and CEO Gerald Levin to act, says one hedge-fund manager who owns a big block of the stock.

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