Home › DMW Daily › November 17, 2009

Time Warner to Spin Off AOL Dec. 9 With $3.5 B Valuation

Authored by Mark Hefflinger on November 17, 2009 - 11:39am.
Dulles, Va. - Media giant Time Warner (NYSE: TWX) announced on Monday that it plans to spinoff its AOL unit on Dec. 9. Shareholders of Time Warner will be given one share of AOL stock for every 11 shares of Time Warner they own. Time Warner said in a statement that the spinoff "will result in the complete legal and structural separation of the two companies." After the transaction, AOL will have a market value of about $3.5 billion, based on current share prices.

AOL's shares will trade on the New York Stock Exchange under the ticker symbol "AOL" beginning Dec. 10.

TMZ, the popular Hollywood gossip blog that is one of AOL's most successful media assets, will not be part of the spinoff, but instead will remain part of Time Warner.

 

Related Links:
http://www.timewarner.com/corp/newsroom/pr/0,20812,1939809,00.html

Published in DMW Daily, November 17, 2009
tags: Deals | AOL | Time Warner | Spin-Off | TMZ |



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