Time Warner is setting out plans to split AOL’s business in two, moving its online access business for consumers away from its advertising content.
New chief executive Jeffrey Bewkes, who was previously chief operating officer, said that he plans to focus on AOL’s web portal and advertising sales.
Speaking at Time Warner’s quarterly financial conference yesterday, Bewkes said that he was initiating talks to change the group’s 84% ownership of Time Warner Cable – talks which could lead to complete separation.
Time Warner’s full-year profits dropped by 33% to $4.38 billion (£2.2billion).
The news follows the earlier announcement that AOL has acquired affiliate marketing network buy.at (see AOL Acquires buy.at Affiliate Network).
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