Financier Carl Icahn may be backing down from his fight to take control of Time Warner Inc.
Icahn, a major shareholder in the media company, has proposed breaking up the company, and was expected to put forward his own board of directors. But now, according to The Wall Street Journal, it appears Icahn will only tap five possible board members. Time Warner has 14 board members, and that would not be enough to give Icahn control of the company.
The reversal may signal a settlement between Time Warner and its activist shareholder. Earlier this month, investment back Lazard Freres issues a detailed report, commissioned by Icahn, that outlined a breakup of the company. However, Icahn did not receive strong support from other major shareholders.