NEW YORK: Time Warner has announced plans to split off its AOL dial-up internet business, the next stage in its long-term strategy to make the web portal entirely advertising supported.
TW's new ceo Jeff Bewkes, who took over the hotseat from Dick Parsons at the start of the year, outlined his vision for the future of AOL in response to continuing declines in the web giant's fortunes.
Its fourth quarter revenue fell 32% compared with the year-ago period to $1.3 billion (€888m; £664m).
The plan to split the AOL paid-access business from its ad-driven websites and content was welcomed by investors, who have been putting pressure on TW to boost share values by anchoring it fortunes to its TV and film businesses.
Bewkes is also mulling the sale of TW's remaining 84% stake in Time Warner Cable.
Data sourced from multiple sources; additional content by WARC staff