Time Warner Shares Rise After HBO Spin-Off Report

Shares of Time Warner Inc TWX were trading higher by more than 3 percent at $72.39 shortly after Friday's opening bell.

Time Warner announced on Thursday a three-year contract extension with its Chairman and CEO Jeff Bewkes.

Meanwhile, the New York Post reported late Thursday evening that activist investors are now pressuring Time Warner to either spin-off its HBO business, or initiate a sale of the unit.

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The New York Post added that one of the activist firms, Corvex Management, is "weighing a move." The publication further cited a "Wall Street veteran" who said that the value of HBO could be best unlocked if the segment were "detached from the mother ship."

Finally, the New York Post noted that Bewkes will meet with key shareholders ahead of the Golden Globes - although "sources close to Bewkes" stated these meetings are "routine."