Time Warner's Day in Court TV

It buys out partner Liberty.
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Time Warner

(TWX)

bought out partner

Liberty Media's

(LCAPA)

half-ownership stake in

Court TV

for $735 million.

Time Warner now owns

Court TV

in its entirety. The cable channel will be wrapped into Time Warner-owned Turner Broadcasting System's entertainment division. The network has a reach of some 86 million U.S. households, according to the company.

"Acquiring all of Court TV represents a strategic investment in one of Time Warner's most successful lines of business -- our news and entertainment cable networks," said Time Warner Chairman Dick Parsons. "We're confident that

Court TV

will continue its top-notch performance and become an important contributor to our growth. We look forward to working with our friends at Liberty Media in the future."

Liberty is in the process of negotiating with Time Warner about ways to reduce its 4% stake in the company. It is currently in discussions about a possible sale of the Atlanta Braves baseball team. Time Warner is in the process of a $20 billion share-repurchase program.

Time Warner shares rose 15 cents to $17.46 on Friday afternoon.