Time Warner's Earnings Fall 7%; AOL's Down 23%; Plans To Spin Off AOL Confirmed
Cue the secret-agent music: Time Warner CEO Jeff Bewkes said that the media behemoth would announce plans for AOL, which was hit particularly hard this quarter, “very soon.”
UPDATE: Time Warner filed a report today that confirms the rumors. AOL is going to be spun off into its own company.
It wrote:
“Although the Company’s Board of Directors has not made any decision, the Company currently anticipates that it would initiate a process to spin off one or more parts of the businesses of AOL to Time Warner’s stockholders, in one or a series of transactions.”
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