COMPANY TOWN ANNEX

Time-Warner, Turner Extend Deal Date: New York-based Time Warner will have three extra months to complete its $7.5-billion acquisition of Turner Broadcasting System Inc. The two companies extended the deadline for completion of the transaction to Dec. 31, according to a Form 8-K that Atlanta-based Turner filed with the Securities and Exchange Commission. Either company can terminate the merger if it isn’t completed by the expiration date, but Time Warner spokesman Ed Adler said the companies plan to complete the transaction by mid-October. Under the original terms, the merger agreement would have expired Sept. 30. Time Warner shares rose $1.375 to $33.50 on Friday; Turner class B shares added 62.5 cents to $24.625.