Time Warner's long courtship with potential foreign partners may finally be leading to an alliance. Last week two Japanese giants, electronics maker Toshiba and the trading concern C. Itoh, confirmed that they are negotiating to make an investment in the U.S. entertainment and communications company. In the deal currently being discussed, the Japanese corporations would invest $500 million each for a 12% share of a new Time Warner subsidiary that would bring together the company's movie, cable and TV-programming businesses.
The new Time Warner entity would assume as much as $7 billion of the $8.7 billion that remains of the bank...
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