Time Warner settles differences with Carl Icahn

Time Warner settles differences with Carl Icahn

One of the most vocal critics of the deal between Google and Time Warner’s online division AOL was the billionaire investor Carl Icahn. However, the two parties Time Warner and Icahn have announced that they have settled their differences, which brings to an end the six-month-long acrimonious and public battle between the two parties over the working and management of the world’s largest media company.

The company said in a statement that they have approved a plan to repurchase as much as $20 billion in stock. They would now also be considering electing two new directors and would be seeking Icahn’s advice in the process.

Time Warner has also promised that they would be implementing cost saving measures with the aim of saving $1 billion in cost savings and continue to review a report commissioned by Icahn. In return, Icahn Partners will not contest the company’s slate of directors.

Icahn had originally demanded that the company should be split-up into as many as four independent companies. He had also demanded that the entire board of directors should be replaced.