Time Warner CEO: no AOL spinoff for now
A Dow Jones newswire article on CNN/Money:
Time Warner Inc. Chairman and Chief Executive Dick Parsons said the media conglomerate recently considered spinning off America Online but decided such a move was unnecessary for now.
At the company's annual shareholder meeting, Parsons told investors that executives had considered spinning off the unit as a separately traded stock to create a currency for the unit to make acquisitions.
The move would have been similar to the company's planned spinoff of its cable-television unit following the completion of its acquisition of Adelphia Communications Corp., he said.
But AOL management deemed the move was unnecessary "at this point in time," he said.