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Finance: Time Warner Inc. said it would redeem $1 billion of debt using proceeds from recent sales of preferred shares and debt. The redemption, which replaces higher-coupon debt with securities that pay a lower interest rate, is part of the New York-based television, film and publishing company’s plan to reduce the debt on its books by $2 billion to $3 billion. About $1.6 billion of that goal has already been achieved. Stock- and bondholders are concerned that Time Warner is being hampered by its debt level. “Today’s actions continue to strengthen our balance sheet,” said Richard Bressler, Time Warner’s chief financial officer. He said Time Warner intends to lower its overall debt from an expected $18.5 billion to $15 billion or $16 billion once a cable purchase closes in the fourth quarter.