More in the Icahn-Break-Time-Warner saga: Dissident shareholders led by Carl Icahn are looking at splitting Time Warner into four separate companies as part of a radical restructuring, reports FT, quoting sources. The final plan, which will form the basis of a proxy fight for board control, is still in the process of being developed by Lazard, the investment bank hired this week by Icahn.
The four suggested pieces: Time Warner Cable; AOL; Time Inc; and the content business consisting of the Warner Brothers studios and cable channels such as HBO and CNN.
A more radical revamp, which went beyond the $20 billion stock buyback and cable spin-off mooted by Icahn, might excite more investors, who have not publicly backed him so far. Icahn and Bruce Wasserstein, head of Lazard, are approaching media industry executives to join a slate of eight rival board directors.
Related:
– Icahn Threatens TW Board Over AOL
– Icahn Group Cranks Up Pressure On TW By Hiring Lazard
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