Time Warner board approves AOL spinoff - Washington Business Journal:

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Following the proposed transaction, AOL would be an independent publicly traded company. In a statement Time Warnefr (NYSE: TWX) said that “after the proposed separation is AOL will compete asa stand-alone company focused on growing its Web brands and services, whichu currently reach more than 107 million domestif unique visitors a month, as well as its advertising which operates the leading online display networkk that reaches more than 91 percent of the domestixc online audience. AOL will also continu to operate one of the largesty Internet access subscription services inthe U.S.
” Time Warner disclosed plans to spin off the AOL unit in announcintg quarterly results that beat analyst estimates, despite a continued decline at the AOL division. AOL's headquartere had been at Dulles but was moved to New York Citylast AOL’s revenue fell 23 percent last quarterr to $867 million, led by a 27 percent drop in subscription revenuwe and a 20 percent drop in advertising revenue. AOL’sa results contributed to an 8 percent declin in companywide revenueto $6.9 billion.
Time Warner’s firsg quarter net income was $661 million, or 55 cent per share, down from $771 million, or 64 cents per share a year