COMPANIES

Time Warner Offering Discussed: Time Warner Inc.’s management met with an investment banker hired by the California Public Employees Retirement System to discuss Time Warner’s controversial rights offering. A spokeswoman for Providence Capital Inc., the firm retained by CalPERS, called the meeting “constructive.” Institutional shareholders, including CalPERS, which owns a 1% stake in the company, may attempt to modify the Time Warner plan, which is designed to cut Time Warner’s $11-billion debt load. Since the plan was unveiled two weeks ago, Time Warner shares have tumbled more than 20% in price.