[Infowarrior] - Time Warner to spin off AOL

[Richard Forno]

Time Warner to spin off AOL

The Associated Press
Thursday, May 28, 2009; 8:41 AM

NEW YORK -- Time Warner Inc. says its board has approved plans to spin  
off AOL, the company's lagging Internet unit.

The New York company, which owns 95 percent of AOL, said Thursday it  
will buy out Google Inc.'s 5 percent stake during the third quarter  
and spin the unit off to Time Warner shareholders.

The long-anticipated move is expected to be completed around the end  
of the year.

AOL and Time Warner combined in 2001 in a deal they said would produce  
a powerful marriage of content and the Internet. But it produced big  
losses instead.

In a statement, Time Warner Chief Executive Jeff Bewkes said, "We  
believe AOL will then have a better opportunity to achieve its full  
potential as a leading independent Internet company."



http://www.washingtonpost.com/wp-dyn/content/article/2009/05/28/AR2009052800895.html