Time Warner announced the spin-off of US net service provider AOL into a separate company. One share of AOL common stock was distributed for every eleven shares of Time Warner common stock.
No payment was required by Time Warner stockholders to receive the shares of AOL common stock. Stockholders who held Time Warner common stock on the record date received a book-entry account statement reflecting their ownership of AOL common stock.
The move was aimed at generating steady and attractive financial results and improving returns to Time Warner stockholders. AOL on the other hand received greater operational and strategic flexibility as a standalone company.
Saturday, January 2, 2010
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