Corporate

Time Warner Inc. (NYSE:TWX) and AOL Inc. announced the timing and details regarding the spin-off of AOL from Time Warner. 

The Time Warner board of directors has approved the final distribution ratio and declared a pro rata dividend of the shares of AOL common stock owned by Time Warner that will result in the complete legal and structural separation of the two companies.

NEW YORK, November 16, 2009 – Time Warner Inc. (NYSE:TWX) and AOL Inc. today announced the timing and details regarding the spin-off of AOL from Time Warner. 

The Time Warner board of directors has approved the final distribution ratio and declared a pro rata dividend of the shares of AOL common stock owned by Time Warner that will result in the complete legal and structural separation of the two companies.

On the distribution date of December 9, 2009, Time Warner stockholders of record as of 5 p.m. on November 27, 2009, the record date for the distribution, will receive one share of AOL common stock for every eleven shares of Time Warner common stock they hold.

AOL announced it has completed its financial leadership team as it prepares to separate from Time Warner Inc. and become a publicly traded company.  Mike Suffredini has joined AOL as Vice President and Treasurer, with Eoin Ryan joining as Vice President of Investor Relations.  Don Neff, currently a Senior Vice President of Finance at AOL, will take on the role of Senior Vice President of Internal Audit.  AOL also announced that Ned Brody is rejoining the company as Executive Vice President of Paid Services.

NEW YORK -- November 6, 2009 -- AOL today named Susan Lyne, Chief Executive Officer of the online luxury retailer Gilt Groupe, Inc., to serve on its Board of Directors. Lyne and nine members named on October 26 will join the AOL Board when the separation from Time Warner is complete.

AOL Chairman and CEO Tim Armstrong said: “Susan’s record of excellence as a leader in the brand space, the Internet and as a media executive will bring exceptional value to the work of the AOL Board as we pursue our strategy to deliver the best content and services to our audiences and advertisers. As a CEO, Susan is consistently recognized as one of the top executives in business, and her presence will strengthen our already very strong Board of Directors.”

AOL named Susan Lyne, Chief Executive Officer of the online luxury retailer Gilt Groupe, Inc., to serve on its Board of Directors. Lyne and nine members named on October 26 will join the AOL Board when the separation from Time Warner is complete.