Icahn's book: split up TW: dissident's 343-page plan calls for four separated companies.(FINANCE)
Multichannel News, February, 2006 by Farrell, Mike
New York -- Carl Icahn and company's plan for restructuring Time Warner Inc. landed with a thud last week, in the form of a 343-page book advocating splitting the media giant into four separate publicly traded companies: America Online; Time Warner Cable; the Warner Bros. movie studio and cable networks; and its publishing businesses.
The report by Icahn advisor Lazard Ltd. calculates Time Warner has lost $40 billion in market capitalization since 2002 and that its shares under-performed major stock indexes by 40%.
Speaking in a packed room at the St. Regis Hotel here last i Tuesday, Lazard chairman Bruce Wasserstein said Time Warner senior management has run the company for the short term--missing out on key acquisitions such as film studio...
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