Time Warner says it will spin off its Internet business, AOL, as a separate company on December 9th.
Time Warner Inc. said Thursday it has declared a dividend on the AOL shares it owns that will result in a complete separation of the two companies.
On December 9th, Time Warner stockholders of record November 27th will receive AOL common stock for every 11 shares of Time Warner common stock they hold.
Time Warner was initially purchased by AOL in 2001. The media conglomerate had said earlier this year it would spin off AOL after years of trying unsuccessfully to integrate the two companies.