Plans by Time Warner, Inc. to spin off its 84% stake in Time Warner Cable (TWC) were approved on Wednesday by the FCC, which determined that the transaction “is likely to benefit the public interest.” Announced early last year, the spinoff includes a one-time $9.25 billion dividend payment by TWC to Time Warner and is intended to boost stock prices by enabling each company to focus on its respective core operations. Observing that the transaction “will lessen the extent to which TWC is vertically integrated with program providers,” the FCC agreed with the parties’ claim that the transaction “will enable each company to have ‘greater strategic, financial, and operational flexibility,’ thereby increasing its competitiveness.” Once the transaction is approved by the Internal Revenue Service, the companies expect to complete the spinoff by the end of next month. In a statement issued Wednesday, Time Warner executive vice president Ed Adler proclaimed: “this separation clearly serves the public interest and provides significant benefits to consumers by enabling each company to focus on its core businesses—content creation and distribution at Time Warner and telecommunications services at [TWC].”