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AOL finalizes emancipation from Time Warner
2009-12-11 01:15:37 (GMT) (Caymanmama.com - Technology News)
Denver, Colorado (CaymanMama.com) — Now fully free and independent from Time Warner Inc., the new AOL company began a new chapter, turning the page on what has been called one of the most lethal business combinations in history.
Following the announced on Thursday, shares of AOL fell 15 cents to close at $23.52, while Time Warner closed up $1.23, or 4.2 percent.
The new AOL entity is a far cry from its older version, formerly called America Online, which was wildly popular in the 1990s in the dial-up Internet industry. At that time America Online used $147 billion of its stock to acquire Time Warner Inc.
Now worth $2 billion, AOL derives most of its revenue from online advertisements on its portfolio of Internet sites, which includes the AOL.com home pages, Mapquest and tech blog Engadget.
Popular celebrity gossip site TMZ is staying in Time Warner.
CaymanMama.com - Press Release Distribution Service
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