Major shareholders (led by financier Carl Icahn) of Time Warner (TWX), the world’s largest media company, are reportedly (by the Financial Times) planning to push for the company to be restructured into its constituent parts – cable, internet, publishing, and movie studios/television networks.
Icahn and his supporters – who together own 3% of Time Warner - plan to win a majority of the board seats through a proxy fight. Icahn has said that he believes that a divided Time Warner will function better and more efficiently. Icahn is reportedly speaking with the investment bank Lazard to develop restructuring strategies.
Shares of the company closed last night at $18.16 – having traded in the $15 to $20 range for the past two years.
