COMPANY TOWN ANNEX

Time Warner Inc. Prepares to Sell Interactive Unit: The New York-based media giant has hired Wasserstein Perella Securities to find a buyer for its Time Warner Interactive unit, according to a person familiar with Time Warner’s strategy. The division, which makes CD-ROM and arcade games, is being sold because the CD-ROM operations will be concentrated within Time Warner Inc.’s other divisions, including Warner Music and Warner Bros. films, the source said. The sale will also raise funds to pay down $18 billion in debt. Analysts said the transaction is a sign that Time Warner is backing away from a commitment to be a part of the fast-growing electronic publishing market. A Time Warner spokesman would not comment. Wasserstein Perella could not be reached for comment.