AOL Time Warner, the US media and entertainment firm, has come to an agreement with AT&T to unwind their Time Warner Entertainment (TWE) joint venture including an initial public offering of Time Warner Cable to raise at least $2.1bn (€2.14bn).

Bear Stearns acted as lead financial adviser to AOL Time Warner with Lehman Brothers also acting as a financial advisor. Paul, Weiss, Rifkind, Wharton & Garrison was AOL Time Warner's legal advisor.