Icahn-Lazard Suggestion: Break Time Warner Into Four Units: Audio

Updated: Their Enhance Time Warner site is down due to a database error for WordPress (imagine that!) is partially working now, so you can listen in to the webcast from there.

WSJ has some details here: In a 371-page report prepared by Icahn’s investment-banking adviser, Lazard, the investor group says that decisions made by the Time Warner board have cost shareholders at least $40 billion in value.

The report also calls on TW to repurchase about $20 billion of the company’s stock, suggesting that such initiatives could generate approximately $40 billion in “incremental” value for TW shareholders.

The breakup suggestion: TWshareholders would have a direct ownership stake in the newly created Time Warner, which would include the company’s cable-TV networks and filmed entertainment divisions, as well as stakes in three new public “pure-play” companies: AOL, publishing and Time Warner Cable.

()The full report is available as a PDF download on WSJ site here (PDF link)

mp3logo1.gif You can download the webcast audio here (67 min., 21 megs).

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