Finally separated from AOL Time Warner
NEW YORK, May 28, 2009 (BUSINESS WIRE) – Time Warner Inc. announced today that its Board of Directors has authorized management to proceed with plans to complete legal and structural separation of Time Warner’s AOL, AOL. After the proposed transaction, it would be, independent publicly traded
The separation will be another critical step in the remodeling of Time Warner that began earlier this year, which allows us to focus to a greater extent even in our core content business. We believe that AOL will then have a better chance to reach their full potential as an independent high-level Internet of the company.The separation will also provide companies with strategic and operational flexibility. Time Warner, Chairman and CEO Jeff Bewkes said: “We believe that separation is the best outcome for AOL Time Warner and passed.
AOL also will continue to operate a service of Internet access subscription largest U.S.After the proposed separation is complete, AOL will compete as an independent company – focused on the growth of their brands and Web services, which currently reach more than 107 million domestic unique visitors per month, as well as its advertising business, which screen operates leading online network that reaches more than 91% of the domestic online audience.
We played in a very competitive landscape and will use our new status to retain and attract the best talents. AOL President and Chief Executive Officer Tim Armstrong said: This is a great opportunity to AOL, our employees and our partners. Despite having a huge amount of work to do, we have a global brand, a team of dedicated people and a passion for the future of the Web.”Becoming an independent public company positions AOL to strengthen its core business and deliver innovative new products and services and enhance our strategic options.
After the repurchase of this game, Time Warner with 100% of AOL. Consequently, once the proposed separation is complete, Time Warner shareholders own all of the outstanding interests of AOLCurrently, Time Warner owns 95% of AOL and Google holds the remaining 5%. As part of a prior agreement, Time Warner hopes to buy% of Google shares 5 of AOL in the third quarter of 2009.
The transaction is subject to the satisfaction of certain conditions, including completion of the review process by the Securities and Exchange Commission documents filed under applicable securities legislation and final approval of the transaction terms by Warner Board of Directors of Time. Time Warner is intended to complete the proposed transaction by year’s endThe proposed transaction is structured as tax-free to Time Warner shareholders.