Time Warner and Time Warner Cable splitting?

Does this have any bigger implications? Just stumbled across it while trying to pay my internet bill.

http://www.timewarner.com/corp/newsroom/pr/0,20812,1882062,00.html

Time Warner Inc. Declares Spin-Off Dividend of Time Warner Cable Inc. Shares and Announces March 27 Effective Date for One-for-Three Reverse Stock Split

February 26, 2009

NEW YORK – Time Warner Inc. (NYSE:TWX) today announced that it will complete the legal and structural separation of Time Warner Cable Inc. (NYSE:TWC) from Time Warner through a tax-free spin-off involving a dividend distribution of all of the Time Warner Cable common stock held by Time Warner to Time Warner stockholders. The distribution will be made on March 27, 2009 to Time Warner stockholders of record at 8 p.m. on March 12, 2009. ...

TW Cable has been the cash cow of the operation for years and they've wanted to spin off cable for the longest time. I stopped working for them in 1998 and they were talking about it then.

It might not be the right environment to do this, but I applaud the move - they'll be able to better value the cable unit - something that they've been unable to do under the entire TW conglomeration.