ajc.com reports that Time Warner will complete the sale of Warner Music and then look towards investing in high-growth businesses.

"With its healthier balance sheet, Time Warner will look to invest in high- growth businesses both inside and outside the company, said Pace. If it is unsuccessful in finding those opportunities, the company will consider a share buyback. "That doesn't mean we're satisfied with the stock price," he added. "We're not."

Pace went on to say he is confident Time Warner will meet all of its objectives for 2003. "I feel very good about the performance this year."