However, the newspaper said the media company's chairman Gerald Levin addressed the issue of a possible stock offering on Time Warner's CNNfn network last week, saying ``At some point, there may be opportunities for a public piece of paper.''

Time Warner's chief financial officer Richard Bressler told the newspaper that before an offering would be considered, the company would first establish several ``vertical portals,'' or Web sites that take advantage of its content.

People inside the company told the newspaper that CNNfn.com, which is said to be profitable, is considered the site most likely to go public. The site has annual revenue of about $25 million and profit of $5 million, Time Warner executives told thenewspaper.

The move would follow in the footsteps of other media companies either taking their Internet businesses public or linking up with Internet portals.

Time Warner insiders have looked to the recent IPO of Marketwatch.com as a baseline for how a CNNfn.com offering would perform, the newspaper said.

Online business news provider Marketwatch.com Inc soared as much as 458 per cent upon its opening day in January.

The company -- a product of a CBS Corp and Data Broadcasting Corp joint venture -- offered 2.75 million shares at $17. It closed Monday up 3-1/8 at 70 on Nasdaq.

CNNfn's site is being expanded, and the president of CNN financial news Lou Dobbs confirmed a more extensive site would be unveiled in 60 days, the newspaper said.

Time Warner company executives are also considering an offering related to Time Warner's stake in high-speed Internet service Road Runner, company insiders told the newspaper. Other media companies have been racing to form links with Internet portals, such as USANetworks Inc and Lycos Inc's pending deal.

Time Warner considered an investment in Internet portals, but decided it would be too costly given Internet firms' lofty prices, the newspaper said.

Levin is concentrating on how to sell and distribute products via the Internet, the paper said, citing Time Warner executives. Time Warner closed on Monday at 70-3/8, up 1-9/16 on the New York Stock Exchange.