Company Town

* Cable: Time Warner Inc. has completed its $2.7-billion purchase of Cablevision Industries Corp., boosting its total cable subscribers to 11.5 million from 10.2 million. The acquisition, announced in February, narrows the lead of Tele-Communications Inc., which has nearly 12 million subscribers. It also adds to Time Warner’s debt. Although Time Warner is using stock for the purchase, the company is assuming $2 billion of Cablevision debt. After completing a $3-billion debt reduction plan this summer and absorbing Turner Broadcasting System Inc., pending regulatory approval, Time Warner will have between $18 billion and $19 billion in debt. Cablevision, which is based in Liberty, N.Y., has systems in New York, Pennsylvania, Florida, North Carolina, South Carolina and Louisiana. The purchase, along with two major cable acquisitions in the last 18 months, adds 4 million subscribers to Time Warner’s cable system.