Carl Icahn confirmed press reports (CD Aug 12 p11) he’s pushing T...
Carl Icahn confirmed press reports (CD Aug 12 p11) he’s pushing Time Warner to restructure. The financier said he and a block of allied investors own stock or options representing 120 million shares -- a 2.6% stake, worth about…
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$2.22 billion. Icahn wants the firm to separate Time Warner Cable from its other businesses and repurchase at least $20 billion in stock. The company said earlier this month it would buy back $5 billion in shares after they had fallen by more than half since the combination of Time Warner and America Online (CD Aug 8 p2). Icahn said he and Time Warner CEO Richard Parsons will meet this week; a company spokeswoman confirmed that. Time Warner is “committed to creating long-term value for all shareholders,” the spokeswoman said. She didn’t elaborate on how the company may respond to Icahn, who wasn’t available to comment beyond a statement. Time Warner said previously it plans to sell shares of its cable unit following the purchase of some Adelphia systems with Comcast in a $17.6 billion transaction.