Time Warner to spin off AOL

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Time Warner says it will spin off its Internet business, AOL, as a separate company on Dec. 9.

Time Warner Inc. said it has declared a dividend on the AOL shares it owns that will result in a complete separation of the two companies.

On Dec. 9, Time Warner stockholders of record Nov. 27 will receive AOL common stock for every 11 shares of Time Warner common stock they hold.

Time Warner was initially purchased by AOL in 2001.

The media conglomerate had said earlier this year it would spin off AOL after years of trying unsuccessfully to integrate the two companies.

- AP