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Time Warner to dump AOL - deal never delivered

2009-05-28 16:58:48 (GMT) (Caymanmama.com - Business Technology News)

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Time Warner Center taken from Central Park

Portland, Oregon (CaymanMama.com) –Time Warner Inc. will divorce AOL after wasting nearly a decade trying to construct a modern media empire, ending up in a weaker position than when the union began.

The split, formally announced Thursday, will spin out AOL as a separate entity formally run by Google Inc. advertising exec Tim Armstrong.

Armstrong was brought on in March in an effort to restore the weakened brand once called America Online.

In spite of the fact that AOL has been overshadowed by Google and other Internet heavy hitters, Armstrong will still attempt to foster a far-reaching online ad network in addition to AOL’s Web sites, which remain relatively popular.

According to the Associated Press, “Time Warner owns 95 percent of AOL and will buy out Google Inc.’s 5 percent stake during the third quarter for an undisclosed amount. From there, AOL will be spun off into a separate publicly traded company around the end of the year.”

“We believe AOL will then have a better opportunity to achieve its full potential as a leading independent Internet company,” Time Warner Chief Executive Jeff Bewkes said in a statement.



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