Time Warner confirmed on Wednesday that it was close to separating out its 84 per cent stake in Time Warner Cable, but declined to provide details as to how it would carry out the long-awaited transaction.

The media conglomerate made the announcement as it reported that first-quarter income fell 36 per cent to $771m, dragged down by continued weakness at its AOL internet division and a $116m restructuring charge at its New Line film label.