Media conglomerate Time Warner Inc announced they will divide its AOL Unit among shareholders on Dec. 9; nine years after the ill-fated corporate merger became final.
Time Warner, owner of media brands, CNN, HBO and Warner Bros made expressed a desire to spin off the flailing AOL in May after years of slowly regaining control after being bought out in 2001.
Time Warner shareholders will obtain one AOL stock dividend for every 11 shares of Time Warner held, with an estimated company value of $3.5 billion. Fractional shares of the stock will not be dispensed among shareholders, but rather sold on the open market with the proceeds repaid to entitled shareholders in cash.
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