Monday, January 30, 2006

Icahn steps up battle with Time Warner and proposes new CEO

Carl Icahn has stepped up his battle for Time Warner and has now increased his team of change agants to include Frank Biondi, former CEO of Viacom.

So now Icahn, Wasserstein and Biondi will take the Time Warner management team on in May where at the AGM they will seek to have Parsons replaced by Biondi. They will also next week announce their restructuring plan for Time Warner.

The announcement saw the first uptick in Time Warner shares since last November. Parsons and his team had better move fast to get the business performing and the share price up, because Icahn means business and is closing in on them.

He may not succeed in May but he is unlikely to back off either.

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