Time Warner Completes AOL Separation

NEW YORK: Time Warner’s share price rose this morning following the completion of its separation from AOL; the Internet company, meanwhile, saw its stock price dip in the morning trading session.

By noon today, Time Warner’s share price had risen to $30.44 after closing yesterday at $29.22. AOL, meanwhile, which opened its first day as an independent company at $23.39, had fallen to $23.09 by noon today after reaching a high of $24.19.

Announcing the completion of the separation today, Jeff Bewkes, the chairman and CEO of Time Warner, noted: "We’ve returned to our roots as one of the leading content companies in the world. We’re now better positioned to focus even more closely on driving the best possible performance at our content businesses in the most efficient way. I’m confident that Time Warner is on track to generate steady, attractive financial results and improve returns to our stockholders. At the same time, we believe that AOL will have greater operational and strategic flexibility as a standalone company.” The separation unravels the ill-fated 200 merger of AOL and Time Warner, considered one of the worst deals in corporate history.