Things That Should Never Go Together: Pickles & Ice Cream, Time Warner & AOL
Sometimes, what looks like it will be as tasty as chocolate and peanut butter, ends up tasting more like pickles and ice cream. Nothing matches that last culinary disaster better than the merger of AOL and Time Warner.
Well, on December 9th, that union will be no more.
You can read the wordy Time Warner press release, but you’ll probably either fall asleep or your head will explode, before you reach the end. Instead, we’ll turn to trusty Reuters to translate the announcement into plain English:
Time Warner shareholders of record on Nov. 27 will receive an AOL stock dividend for every 11 shares of Time Warner common stock they hold…Based on the closing price of Time Warner’s stock at $32.35 and its 1.17 billion outstanding shares, the ratio would effectively value AOL’s market capitalization at around $3.44 billion…AOL common stock will begin trading on a ‘when-issued’ basis on the New York stock Exchange on Nov. 24 and will start trading under the ‘AOL’ symbol on Dec. 10.
Of course, it’s been almost 6 month months since Time Warner announced the AOL spin off, but now we finally get a date to watch. On December 9th, former Google exec and AOL CEO Tim Armstrong, will get to show us what he–and AOL–are made of!