Time Warner to concentrate on content business following AOL spinoff

By Lisa Kerner

Charlotte, N.C., Dec. 10 - Time Warner Inc. completed its spinoff of AOL Inc., it was announced on Thursday.

One share of AOL common stock was distributed for every 11 shares of Time Warner common stock held as of Nov. 27.

Cash will be paid in lieu of fractional AOL shares, according to a Time Warner news release.

"With the separation of AOL, we've returned to our roots as one of the leading content companies in the world," Time Warner chairman and chief executive officer Jeff Bewkes said in the release.

"We're now better positioned to focus even more closely on driving the best possible performance at our content businesses in the most efficient way."

Time Warner is a New York-based media and entertainment company.

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