Time Warner Sets Date for AOL Spin-Off

NEW YORK: Time Warner has announced it will spin off AOL to shareholders on December 9, thereby putting an end to one of the worst mergers in history.

Time Warner shareholders of record on November 27 will receive an AOL stock dividend for every 11 shares of Time Warner common stock they hold valuing the company at around $3.5 billion.

When AOL announced its plans to merge with Time Warner in January 2000, the Internet company was valued at $163 billion.

Last year, Time Warner spun off its cable business, Time Warner Cable, as it focused on being a content company. The major media conglomerate in fact owns the brands, CNN, HBO and Warner Bros.