ENTERTAINMENT
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From Times Staff and Wire Reports
Time Warner Notes Backed by Hasbro Shares: The New York communications giant plans to raise about $500 million by issuing notes that holders may exchange for some of the 12 million shares of Hasbro Inc. stock that Time Warner owns. The deal involves issuing liquid yield option notes through Merrill Lynch & Co. A source familiar with the deal said the transaction allows Time Warner to raise money to pay off high-cost debt, sell off its shares in the toy maker and defer taxes on the sale.
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