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NEW YORK Time Warner made the unwinding of the much-maligned AOL merger official on Thursday, saying its board has authorized a separation of AOL into an independent, publicly traded company.
The entertainment giant made the announcement just ahead of its annual shareholder meeting.
The separation, to which TW has taken several smaller steps since hiring former Google top executive Tim Armstrong as chairman and CEO of AOL earlier this year, will likely be completed around the end of the year.
“A separation will be the best outcome for both Time Warner and AOL,” said TW chairman and CEO Jeff Bewkes, who had long argued that the promised synergies of the AOL-TW combination never materialized.
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