ENTERTAINMENT

Time Warner to Redeem Some Costly Debt: The media conglomerate said it will redeem $900 million of its 8.75% convertible subordinated debentures due in 2015. The redemption should save the giant media company an estimated $74 million annually in its pretax cash interest payments. The move had been anticipated by Wall Street since last month’s disclosure that Seagram Co. has acquired 5.7% of Time Warner stock, a move that has boosted its price on the New York Stock Exchange. The company will still have about $1.56 billion of the debentures outstanding.