Nine years later, 'historic' AOL-Time Warner merger comes to end

Time Warner announced May 28 that its board of directors approved the spinoff of AOL.

Jeff Bewkes, Time Warner chairman and CEO, said...

Time Warner announced May 28 that its board of directors approved the spinoff of AOL.

Jeff Bewkes, Time Warner chairman and CEO, said in a statement that the spinoff will "provide both companies with greater operational and strategic flexibility." To complete the transaction, Time Warner, which currently owns 95% of AOL, has to purchase the remaining 5% from Google, according to a company statement.

Experts speculated earlier this month that the probability of a spinoff depended on whether AOL could attract more Internet users and advertisers to its Web site to compensate for the decline of dial-up subscribers.

In what was then hailed as a "historic merger," AOL announced plans to acquire Time Warner for about $182 billion in January 2000.

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