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The Ancient Mariner and Time Warner have a lot in common: an albatross. The Big Media company said today it will finally spin off AOL on December 9th. The online company will start trading a day later on the New York Stock Exchange under the symbol “AOL.” Time Warner shareholders as of November 27th will receive one share of AOL stock for every 11 shares of TW.
Editor-in-Chief Nikki Finke - tip her here.
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Was I the only one who always thought it was completely ludicrous when the already-then-fading AOL “bought” the MUCH larger Time Warner? It just defied all logic. It’s like Denny Terrio announcing his impending purchase of the People’s Republic of China.
that was about 10 years overdue…
This just goes to show what a lousy CEO Richard Parsons was to never drop AOL – he must have loved living with an albatross round his neck. Parsons was always afraid to make any kind of definitive business decision… the stock price dived on his watch.
Richard Parsons was a former Ford White House aide, and like Ford, he couldn’t chew gum & walk at the same time. As far as Time-Warner is concerned, Parsons will be remembered as the chairman who was nothing more than a placeholder, a limp CEO, and when it came to making bold business moves to help his company, he showed low initiative. Here’s to Jeff Bewkes; here’s good riddence to the memory of AOL… and Richard Parsons.