Time Warner is set to part ways with AOL.
Wired PR News – Time Warner is set to make AOL its own spin-off Internet company after an almost 10 year union. As reported by the Associated Press (AP), the company announced Thursday that AOL will become a separate company run by Tim Armstrong, who is a former executive of Google Inc.
As noted by the AP, Time Warner plans to purchase Google’s stake in AOL to gain 100 percent ownership, and subsequently make it a separate publicly traded company at the year’s end. Time Warner will then reportedly put its efforts into cable TV network, movie, and publishing endeavors.
Jeff Bewkes, Chief Executive of Time Warner, is quoted by the AP as stating at the company’s annual shareholder meeting in New York, “For AOL, becoming a standalone company will give it more focus and strategic flexibility.”
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