In Fall 1995, Time Warner agreed to exchange $8 billion in stock for 82 percent of Turner Broadcasting System. TCI would trade its 21 percent interest in Turner for the third largest stake in Time Warner, or 9 percent. Since the resulting companies would have 40 percent of cable households, enough to cause anti-trust concern, TCI agreed to let Time Warner's Gerald Levin represent TCI. This did not satisfy federal regulators. Malone ended the 15 percent discount on Turner programming that would have lasted 20 years, and Time Warner had to pay $67 million to cover TCI's taxes due.