Newspaper wrap-up: Time Warner likely to sell or spin off Time Warner Cable

MAJOR PAPERS:

Battling Baidu.com Inc (NASDAQ: BIDU) in China with little success, Google Inc (NASDAQ: GOOG) is working with a Chinese company to offer free licensed music downloads, the Wall Street Journal reported. The new service is expected to be launched in several weeks.

OTHER PAPERS:

BHP Billiton Limited (NYSE: BHP) raised its bid for mining company Rio Tinto Plc (NYSE: RTP) to more than GBP70B. Meanwhile, the UK Times reported that Rio's new Chinese shareholder was preparing a counter bid for Rio.
The Washington Post reported that Time Warner Inc (NYSE: TWX) CEO Jeffrey Bewkes is expected to announce a plan today to sell or spin off Time Warner Cable Inc (NYSE: TWC). Bewkes also is likely to signal plans to break up AOL in the coming year.

WEB SITES:

Berkshire Hathaway Inc's (NYSE: BRK.A) Warren Buffett told Fox Business that he has no plans to bail out Ambac Financial Group Inc (NYSE: ABK) and MBIA Inc (NYSE: MBI).

Tags: ABK, Ambac, Baidu, Baidu.com, Berkshire Hathaway, BerkshireHathaway, BHP, BHP Billiton, BhpBilliton, BIDU, BRK.A, GOOG, Google, MBI, MBIA, Rio Tinto, RioTinto, RTP, Time Warner, Time Warner Cable, TimeWarner, TimeWarnerCable, TWC, TWX, Warren Buffett, WarrenBuffett

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