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Following the proposed transaction, AOL would be an independent publiclytradeds company. In a statement Time Warner (NYSE: TWX) said that “after the proposerd separationis complete, AOL will compete as a stand-alone company — focused on growing its Web brandsa and services, which currently reach more than 107 million domestix unique visitors a month, as well as its advertising which operates the leading online display network that reachese more than 91 percent of the domestic onlinr audience.
AOL will also continue to operatr one of the largesf Internet access subscription services in the Time Warner disclosed plans to spin off the AOL unit in announcinv quarterly results that beat analyst despite a continued decline at theAOL division. AOL'ws headquarters had been at Dulles but was moved to New York Citylast AOL’s revenue fell 23 percent last quarter to $867 led by a 27 percent drop in subscription revenuee and a 20 percentg drop in advertising revenue. AOL’ws results contributed to an 8 percentg decline in companywide revenueto $6.9 billion.
Time Warner’ s first quarter net income was $661 or 55 cents per share, down from $771 million, or 64 centsd per share a year earlier.
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