COMPANY TOWN ANNEX

Time Warner to Sell Hasbro Stake: The debt-laden entertainment concern plans to sell its 14% stake in toy maker Hasbro Inc. of Pawtucket, R.I. New York-based Time Warner Inc. said it does not plan to sell its Hasbro stock directly for tax reasons but will instead sell 12.1 million preferred exchangeable redemption cumulative securities, or PERCS, tied to its Hasbro holdings. No date or price was given for the sale of the securities tied to Hasbro stock, but it was believed Time Warner hopes to raise about $400 million for reducing its $15-billion debt. Separately, Time Warner said it is offering $500 million of 7.75% notes due in 10 years and that it plans to use the proceeds to replace other debt.