Later Today: TWX Spinoff?
Billionare Carl Icahn badly wants Time Warner to spin off its cable division.Last week, Icahn and his investor group suggested Time Warner separate its cable business and buyback $20 billion in stock.
Merrill Lynch is playing devil's advocate on this one, opining that such a move would bring about management switches the company is currently not prepared for.
Last time we checked, Dick Parsons was doing one heck of a job with the beat up and bloated AOL Time Warner conglomerate.
Ol' Carl will have to pound the table if he wants anything to materialize.
Later today, Parsons and the takeover raider will meet in NYC.
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