The new $9 billion loan for Time Warner Inc. and its cable subsidiaries underscores the banking industry's growing involvement in the rapidly changing media sector.

The loan, led by Chemical Banking Corp. and supported by managing agents BankAmerica Corp., Bank of New York Co., and J.P. Morgan & Co., will refinance $5 billion of bank debt, replace about $3 billion of public and private debt from three cable acquisitions, and provide some working capital.

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