This had been coming for awhile: Time Warner has officially announced plans to separate its Time Warner Cable (NYSE: TWC) unit, a chunk of which already trades independently. CEO Jeff Bewkes said the move would enhance flexibility, while allowing the management of each company to focus better on the business at hand. The actual process involves a few steps, but basically Time Warner will convert all of its Time Warner Cable B shares into A shares, which will then be distributed to shareholders. Also, TWC will pay a one-time $10.9 billion dividend, $9.25 billion of which will go to its parent Time Warner (NYSE: TWX). That dividend will be paid via its existing credit facility and financing form a syndicate of banks. The companies will hold a call at 8:30 AM (ET) discussing the matter. Release.