Time Warner Cable

(TWC)

, recently spun from media giant

Time Warner

(TWX)

, says it will pay a special $10.9 billion dividend and execute a reverse stock split.

The dividend, paid in the form of $10.27 a share, is part of the separation agreement with parent Time Warner. Holders of the shares as of March 11 will be recipients of the payments.

The company also plans a one-for-three reverse stock split upon the completion of the dividend payout.