Time Warner names day for AOL spin-off
The end's in sight
Time Warner has detailed the departure date for its troubled internet business AOL.
On 9 December all Time Warner shareholders will get one AOL share for every 11 TW shares they own. Time Warner shares will continue to trade as normal with the ticker TWZ and AOL shares will trade under the AOL ticker. When the two first merged AOL shareholders got one Time Warner share for each share they owned in the ISP.
Anyone owning a fractional share in AOL will have to wait. The fractions will be sold on the open market and the proceeds distributed as cash payments to shareholders.
Time Warner's press release is here.
AOL bought Time Warner in a $160bn deal during the dot-com hysteria of 2000. Despite all the talk of creating a brave new media world the merger never really worked and AOL has been looking for a role since its original ISP business began to fade. ®