Time Warner swallows Google's AOL stake
Spin off one step nearer
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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. ®
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COMMENTS
Holy mackerel!
$160BN? down to $282M? Those proportions astound me!
I remember the dot-com crash... overvalued companies gettin a reality check, resulting in my not being able to buy my employers options in 6 years!!
What I will never understand is, despite the fact that everyone was doing it, why would anyone buy a part of a company that is allegedly worth $160BN? Didnt they want proof???
I mean, AOL sucked for as long as I can remember lol!
*anyone remember AOL on win 95 and the browser it used? damn!
$160 Billion > $1 Billion > $283 Million + STUPIDITY ON SOMEONES PART, and they still have hope?
Aol is a dead fish in my neighborhood,
MS's Bing is circling the bowl,
and taking Yahoo with it.
LONG LIVE GOOGLE.
AOL used to have some use
AOL started out as an internet service provider distributing millions of promotional CDs^H^H^HFloppies.
This was the only useful thing - running low on floppies? <RING> "send me some of your sign up floppies, I want to give them to some friends"
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