Icahn Offloads $880 Million in Time Warner Shares

NEW YORK, February 15: Billionaire investor Carl Icahn, who
last year went on a mission to break up Time Warner in order to up its share
price, sold stock in the media company worth about $880 million in the fourth
quarter of last year, Bloomberg reports.

Icahn’s funds reduced their holdings in Time Warner from
about 69 million shares to 25 million shares, according to a filing with the
Securities and Exchange Commission (SEC). According to the report, Icahn wanted
to benefit from the rise in stock price that followed the company’s share
buyback and cost reduction plan, which he had campaigned for. Icahn now holds
about 2.9 percent of Time Warner.