Buried in its last 10-Q, Time Warner (NYSE: TWX) said it had taken a charge on Turner’s much-hyped GameTap business, and that it had decided to shop around the unit. At the time the company told us it had no deal to announce. Well they’ve finally found their deal… Turner will merge online games business to Paris-based games distributor Metaboli. Turner will stick around for awhile in an operating capacity to help with the transition, but ultimately it will just be an equity stakeholder. The stated logic behind the deal is that the two will benefit by melding Gametap’s titles with Metaboli’s white label distribution platform. GameTap was originally launched in 2005. Terms of the deal were not disclosed. (release via email).

• 10-Q Watch: TWX: Turner Wants To Sell GameTap; No Deal Yet; Takes $18 Million Charge