In a determined drive to pare its debt, Time Warner last week launched a much anticipated plan to raise $2.8 billion in the largest stock offering in ) U.S. history. The entertainment and information giant, the parent of TIME, granted stockholders securities called rights to buy 34.5 million new shares of Time Warner for $80 a share. The deal, which gave stockholders 0.6 of a right for every common share they owned, replaced a hotly controversial proposal that would have priced the stock at anywhere from $63 to $105 a share, depending on how many stockholders participated. Time Warner scrapped that...
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