P.M. BRIEFING : Time Warner Settles on Chris-Craft

Time Warner Inc. said today that it has settled issues related to lawsuits filed by Chris-Craft Industries Inc. in connection with Time’s $14-billion takeover of Warner Communications Inc.

Chris-Craft, once the largest shareholder in Warner, sued last month to protect its holdings but did not seek to block the Time Warner merger outright.

Time completed the first part of the deal last month after Paramount Communications Inc. lost a court challenge to the Time Warner deal and withdrew a competing bid for Time.

Time owns about 58% of Warner and plans to buy the rest in a second step.