Time TBS Holdings Inc., a unit of...

Time TBS Holdings Inc., a unit of Time Inc., has agreed to purchase 959,901 Turner Broadcasting System Inc. class B shares for $15 each. In a filing with the SEC, Time TBS said the shares will be purchased from R. E. Turner, chairman and president of Turner Broadcasting. The closing for the purchase is subject to receiving regulatory approval. Time TBS currently holds a 26.7% stake in Turner Broadcasting, not including the 3.2% that Time TBS will purchase.