This has been a busy morning for Time Warner Inc. (NYSE: TWX). The company announced earnings and also unveiled a plan for the divestiture of Time Warner Cable Inc. (NYSE: TWC).

First, Time Warner posted earnings (click here for the pdf file) of $0.22 EPS on revenues of $11.42 billion; First Call had estimates at $0.23 EPS and $11.39 billion in revenues. The company also reaffirmed (pdf) the 2008 guidance of $1.07 to $1.11 EPS (First Call is $1.09), and it sees 7% to 9% growth in OIBDA from the $12.9 billion base in 2007. As a result of a tax benefit, the company also sees 2008 cash flow at or above $4.5 billion.

Time Warner Cable beat estimates (pdf) in its first quarter report, with $0.24 EPS from operations and an 8% revenue rise to $4.16 billion; First Call had estimates of $0.22 EPS on $4.14 billion in revenues. Time Warner Cable also reaffirmed its guidance (pdf) for fiscal 2008, projecting a revenue growth rate of 9%, to $17.25 billion, and EPS between $1.25 to $1.30. First Call estimates are $1.27 EPS and $17.25 billion in revenues.

Now for the fun part, from the department of "Thank Heavens!" -- Time Warner Cable is going to be split off from Time Warner Inc. While the detailed spin-off plan wasn't available, the goal here looks to be a complete separation. CEO Jeff Bewkes noted that the companies expect to finalize an agreement soon. Based on roughly an 84% stake and a current market cap of $27.3 billion, the structure could be the most important part of this divestiture. This could amount to a difference of almost $23 billion for the parent, and it will also bring about some serious de-leveraging of the books as much of the debt belongs to the cable operations.

So far there is an inversion in share reaction, with Time Warner shares down 1% and Cable shares up 1%.