Posted on April 17, 2009 at 9:48 AM
Filed under: Careers | Corporate Strategy | Divesting and Restructuring | Movers & Shakers | People
Tagged: AOL , Randy Falco , Ron Grant , Tim Armstrong , Time Warner

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Proponents of an AOL LLC sale or spinoff got another sign that Time Warner Inc. (NYSE:TWX) may do just that with the beleaguered Internet unit. Clearing the way for such an event, bondholders approved an amendment for outstanding debt of $12.3 billion. Each bondholder who gave consent will receive $5 for each $1,000 principal amount of debt.

Last month, AOL chairman and CEO Randy Falco and president and COO Ron Grant were replaced with nine-year Google Inc. (NASDAQ:GOOG) vet Tim Armstrong (pictured), who is seen as a capable leader for AOL, which is playing catchup with social media, as a standalone company.

In other TW news, after a public outcry, the media giant gave up on plans to charge broadband users extra dough for downloading certain amounts of data. -- Baz Hiralal

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