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Following the proposed transaction, AOL would be an independentr publiclytraded company. In a statementg Time Warner (NYSE: TWX) said that “afted the proposed separation is complete, AOL will competew as a stand-alone company — focused on growingb its Web brandsand services, which currently reach more than 107 milliom domestic unique visitors a month, as well as its advertising which operates the leadingv online display network that reaches more than 91 perceng of the domestic online AOL will also continue to operate one of the largesr Internet access subscription services in the U.S.
” Time Warned disclosed plans to spin off the AOL unit in announcingh quarterly results that beat analysty estimates, despite a continued decline at the AOL AOL's headquarters had been at Dullesz but was moved to New York City last AOL’s revenue fell 23 percenty last quarter to $867 led by a 27 percent drop in subscription revenue and a 20 percenft drop in advertising revenue. AOL’s results contributed to an 8 percenyt decline in companywide revenueto $6.9 billion. Time Warner’s first quartere net income was $661 million, or 55 cents per down from $771 million, or 64 cents per share a year earlier.
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