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Time Warner, Comcast complete cable shuffle

The two companies close a deal to restructure their joint ownership of cable systems in Kansas City, Mo., and Texas.

Time Warner Cable and Comcast on Monday closed a previously announced deal to restructure their joint ownership of cable systems in Kansas City, Mo., and Texas. As agreed last December, the two systems will be merged, and each company will own half of the combined entity. Time Warner Cable will manage the combined system.

In addition, either company can choose to split the venture after June 1, 2006. The non-triggering company can then choose one of two systems to control: Houston or Kansas City and south Texas. The combined systems are valued at $5 billion