Time Warner Shares: Time Warner Inc. said...

Time Warner Shares: Time Warner Inc. said it has accepted 57% of the 175.1 million shares of Warner Communications stock tendered and has begun making payments at $70 per share. Separately, Warner’s largest shareholder, Chris-Craft Industries Inc., announced that it received about $1.5 billion in cash for its shares. Chris-Craft said one of its subsidiaries still owns the equivalent of about 15.7 million shares of Warner common.