[ SHOWGSD-L ] TIME WARNER HAS DUMPED AOL

From: "Doc Zoe" <wynsum@xxxxxxx>
To: showgsd-l@xxxxxxxxxxxxx
Date: Fri, 29 May 2009 11:25:06 -0400
BBC announced last nite that Time Warner divested themselves of AOL for 147 
BILLION 

{HYPERLINK "http://www.timewarner.com/corp/"}Time Warner Inc. is dumping 
{HYPERLINK "http://www.aol.com/"}AOL after spending nearly a decade trying to 
build a new-age media 
empire only to wind up in a weaker position than when the marriage began. 

The divorce, announced today, will spin out AOL as a separate company run by 
former Google Inc. 
advertising executive Tim Armstrong. He was hired in March to try to restore 
the luster to a brand 
once known as America Online. 
Although AOL has been eclipsed by Google and other Internet stars, Armstrong 
still can try to build 
on a wide-reaching online ad network as well as AOL's Web sites, which remain a 
relatively big 
draw. 

Time Warner owns 95 percent of AOL and will buy out Google's 5 percent stake 
during the third 
quarter for an undisclosed amount. From there, AOL -- which has about 7,000 
employees -- will be 
spun off into a separate publicly traded company around the end of the year. 
"For AOL, becoming a standalone company will give it more focus and strategic 
flexibility," Time 
Warner's chief executive, Jeff Bewkes, said at Time Warner's annual shareholder 
meeting Thursday 
in New York. 
Meanwhile, with AOL jettisoned, Time Warner will focus on movies, cable TV 
networks such as 
HBO and CNN, and publishing magazines such as Time, People and Sports 
Illustrated. 
The $147 billion deal in which AOL bought Time Warner in 2001 epitomized the 
mind-boggling 
wealth created during the dot-com boom and quickly became one of the worst 
corporate 
combinations in history. In 2002 and 2003, Time Warner absorbed nearly $100 
billion in charges to 
account for the rapidly diminishing value of the combined company (which today 
sports a market 
value of just $27 billion.) Time Warner even dropped AOL from its corporate 
name. 



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[ SHOWGSD-L ] TIME WARNER HAS DUMPED AOL

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