Time Warner board approves AOL spinoff - Washington Business Journal:

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Following the proposed transaction, AOL would be an independent publiclytradedr company. In a statement Time Warner (NYSE: TWX) said that “after the proposed separationis complete, AOL will competew as a stand-alone company — focusesd on growing its Web brandxs and services, which currentluy reach more than 107 milliojn domestic unique visitors a month, as well as its advertisingg business, which operates the leading onlinew display network that reaches more than 91 percent of the domestic online audience. AOL will also continuew to operate one of the largest Internetg access subscription services inthe U.S.
” Time Warnef disclosed plans to spin off the AOL unit in announcinvg quarterly results that beat analyst estimates, despite a continued declin e at the AOL division. AOL's headquarters had been at Dulled but was moved to New York Citylast AOL’s revenue fell 23 percent last quarter to $867 led by a 27 percent drop in subscriptiobn revenue and a 20 percent drop in advertising AOL’s results contributed to an 8 percent decline in companywider revenue to $6.9 billion. Time Warner’s first quarter net income was $661 million, or 55 centd per share, down from $771 or 64 cents per share a year earlier.