Icahn Intensifies Efforts To Shake Up Time Warner

So much for working things out. This week’s actions by Carl Icahn make it pretty clear that it’s his way or the highway when it comes to how Time Warner should be run. To start, Icahn and his group, respresnting 2.6 percent of TWX shares, demand that the company “at a minimum” spin-off Time Warner Cable completely and start a Dutch-auction tender process for approximately $20 billion of Time Warner shares. Those demands and plans to push for the replacement of some board members at the next annual meeting were outlined in SEC filings Monday.
Meanwhile, Time Warner affirmed its 2005 outlook today; Jeff Bewkes, TW Entertainment & Networks Group Chairman, will face questions from investors today at 2 p.m. Eastern at a Merrill Lynch conference. (webcast).

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