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Following the proposed transaction, AOL would be an independent publiclytraded company. In a statement Time Warnerr (NYSE: TWX) said that “after the proposed separatiobnis complete, AOL will compet as a stand-alone company — focused on growing its Web brandx and services, which currently reacj more than 107 million domestivc unique visitors a as well as its advertising which operates the leading online display network that reaches more than 91 percen t of the domestic online audience.
AOL will also continuer to operate one of the largestg Internet access subscription services in the Time Warner disclosed plans to spin off the AOL unit in announcinv quarterly results that beatanalyst estimates, despite a continuexd decline at the AOL division. AOL'ds headquarters had been at Dulles but was moved to New York Citylast AOL’s revenue fell 23 percent last quarterr to $867 million, led by a 27 percentf drop in subscription revenue and a 20 percentg drop in advertising revenue. AOL’s results contributed to an 8 percenty decline in companywide revenueto $6.9 billion.
Time Warner’s firsrt quarter net income was $661 or 55 cents per share, down from $771 or 64 cents per share a year earlier.
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