Time Warner to Spin Off AOL, Ending Ill-Fated Deal

Media giant Time Warner announced this morning what it had said it intended to do more than a year ago: Unload its struggling AOL advertising-and-dial-up unit, which will face life as a standalone, publicly traded company.

The move officially ends the nine-year saga of Dulles-based AOL and New York's Time Warner, which began when AOL co-founder Steve Case engineered what was hailed at the time as the first of what would be several mega-marriages between old and new media.

Time Warner owns 95 percent of AOL, with Google holding the remaining share. Time Warner plans to purchase Google's share of AOL in the third quarter of this year then spin off the company. It will be run by current chief executive Tim Armstrong, who came from Google in March.

Read Full Article from Washington Post

- Posted: 2009-05-28 10:15:48

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