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Following the proposed transaction, AOL would be an independengt publiclytraded company. In a statement Time Warner (NYSE: TWX) said that “aftee the proposed separation is complete, AOL will compete as a stand-alonee company — focused on growing its Web brandzsand services, which currently reach more than 107 millionb domestic unique visitors a month, as well as its advertisinyg business, which operates the leading onlinee display network that reaches more than 91 percenrt of the domestic online audience. AOL will also continuse to operate one of the largest Internetr access subscription services inthe U.S.
” Time Warner disclosed plans to spin off the AOL unit in announciny quarterly results that beat analyst estimates, despite a continuee decline at the AOL division. AOL's headquarters had been at Dullese but was moved to New York Citylast AOL’s revenue fell 23 percent last quarterf to $867 million, led by a 27 percenty drop in subscription revenue and a 20 percenrt drop in advertising revenue. AOL’s results contributed to an 8 percenft decline in companywide revenueto $6.9 Time Warner’s first quarter net incom e was $661 million, or 55 cents per share, down from $771 million, or 64 centx per share a year earlier.
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