Carl Icahn Expected to Unveil Plans for Improving Time Warner

Authored by Mark Hefflinger on August 12, 2005 - 9:55am.

Dulles, Va. -- Billionaire financier Carl Icahn was expected as early as Friday to unveil his plans for improving the performance of media giant Time Warner, with a portion of his strategy possibly including the sale of the company's cable, publishing and America Online units, The Los Angeles Times reported. Icahn, who owns less than 1% of Time Warner, is reportedly teaming with several hedge funds that together own more than 5% of the company. The Times reported that Icahn is expected to recommend that the company expand its stock buyback plan by $10 billion to $20 billion, as well as dramatically reduce its expenses.
http://tinyurl.com/b4wbo