Feeds

Time Warner swallows Google's AOL stake

Spin off one step nearer

Boost IT visibility and business value

Time Warner has bought back the five per cent stake in AOL which Google bought for $1bn back in 2003 - only having to cough up $283m for the stake.

Google wrote the investment down by $726m in February.

The buyback is a necessary step in Time Warner's long-stated ambition to spin AOL off as an independent company.

It hired Tim Armstrong to head up the new and improved AOL.

The merger of AOL and Time Warner cost somewhere in the region of $160bn at the height of dot-com lunacy in 2000.

AOL started out as an internet service provider distributing millions of promotional CDs. It sold its UK dial-up business to CarphoneWarehouse and is now trying to redefine itself as a content provider and ad sales organisation.

AOL's revenues fell 23 per cent to $867m in the quarter ended March 31 2009. This was blamed on a 27 per cent fall in subscription revenues and a 20 per cent fall in ad revenues. ®

Boost IT visibility and business value

More from The Register

next story
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Feel free to BONK on the TUBE, says Transport for London
Plus: Almost NOBODY uses pay-by-bonk on buses - Visa
Amazon says Hachette should lower ebook prices, pay authors more
Oh yeah ... and a 30% cut for Amazon to seal the deal
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.