Trying to undo what was billed as a $40 billion drop in shareholder value since the 2001 merger, shareholder Carl Icahn proposed breaking up AOL Time Warner Tuesday.
Time Warner responded: “Our board and management regularly review all of the strategic options for managing this company to create the greatest value for our shareholders.
"We are on the right path. The company is delivering. Nevertheless, we will study the Icahn/Lazard proposal carefully and thoroughly, as is consistent with our existing practice and with our fiduciary duty to shareholders. We will have more to say on the specifics of the proposal in due course.”
Viacom and CBS split into separate companies in January, and Viacom Chairman Sumner Redstone predicted that de-consolidation could be the wave of the future.