ENTERTAINMENT

Time Warner Gets OK for Offering: The entertainment company said its revised plan to raise about $2.8 billion in new capital from a rights offering was approved by the SEC. Under the plan, stockholders of record July 22 will receive 0.6 right; each right allows the holder to purchase one newly issued Time Warner share for $80. The offering will remain open through Aug. 5. The rights, which began trading Monday on the NYSE on a when-issued basis, closed at $5.50 on heavy volume of slightly more than 1 million. Time Warner stock closed at $88.75, down $1.