May 29
As reported earlier, Time Warner has been looking to spinoff AOL, and now according to the Wall Street Journal, those plans have been confirmed. Time Warner will spin off AOL into a publicly traded company and focus on its film, television and other content-creation businesses. The move is expected to be completed by the end of this year. The spinoff will include AOL's dial-up subscription business and its ad business. AOL also has to buy back Google's 5% stake. Back in 2005, Google purchased its 5% stake in AOL when it took over the search functions on AOL's media properties. AOL is currently in negotiations with Google to buy back its stake.
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