COMPANY TOWN ANNEX

Time Warner Alters Relationships: The media giant is reshaping its relationship with two Japanese companies that own a minority stake in its cable television and entertainment businesses, a source said. The source, who spoke on condition of anonymity, said the Time Warner Inc. board approved a proposal under which Toshiba Corp. and Itochu Corp. would exchange their combined 11.1% stake in Time Warner Entertainment for preferred stock in the parent company. Time Warner declined to comment on what the board had decided, if anything. The proposal approved by the Time Warner board in a special telephone meeting on Monday did not involve US West Communications Inc., which owns a 25.5% stake in Time Warner.