COMPANY TOWN ANNEX

Turner in Talks to Buy Time Warner Stake: The company is negotiating with Time Warner Inc. to buy its 18% stake in the media company, an officer told analysts. In a conference call, Turner Broadcasting Chief Financial Officer Wayne Pace said the negotiations have been occurring for some time. He could not say if and when they would result in a sale of shares, said Larry Petrella, a Lehman Bros. analyst. A spokesman for Atlanta-based Turner Broadcasting Systems Inc. could not immediately be reached for comment. Turner Broadcasting Chairman Ted Turner has been eager to rid his company of the presence of Time Warner Chairman Gerald Levin, who has thwarted Turner’s plans to acquire other assets, including CBS Inc. Separately, Turner Broadcasting said it earned $22 million, or 8 cents a share, for the second quarter ended June 30, up from $13 million, or 5 cents a share, a year earlier.