Time Warner announced on Friday that it has completely acquired the Courtroom Television Network LLC, buying out Liberty Networks 50% stake for $735 million.

Court TV covers all aspects of the U.S. justice system and also produces original crime drama entertainment as well as web content. As a wholly owned subsidiary of Time Warner, Court TV will operate as part of Turner Broadcasting Systems Inc., within its entertainment division.

Acquiring all of Court TV represents a strategic investment in one of Time Warner's most successful lines of business - our news and entertainment cable networks,' said Time Warner Chairman and CEO Dick Parsons. "We're confident that Court TV will continue its top-notch performance and become an important contributor to our growth. We look forward to working with our friends at Liberty Media in the future.

The Court TV chairman and CEO, Henry Schleiff, will continue as a non executive chairman for the next 6 months focusing on transitioning the company for service under Turner.

Henry Schleiff, who served as Court TV's chairman and CEO, will be the network's non-executive chairman for the next six months, focused on Court TV's transition to Turner and the network's public service initiatives.

Court TV's established brand, programming franchises and robust new media extensions complement our successful branded entertainment and news networks and businesses,' Phil Kent, Chairman and CEO, Turner Broadcasting System. "This integration into Turner will ensure Court TV's future growth and success, as well as make our portfolio stronger.

Time Warner shares went up 1.10 percent on Friday to close at $17.50.

Time Warner