Time Warner has formalized its intent to spin off troubled internet division AOL, informing the US Securities and Exchange Commission on its separation plans this week.
The SEC notification is the first step towards a public listing of AOL. Time Warner did not reveal a time frame for the divestment. However, the company has maintained its focus on making AOL an independent publicly-traded company before the end of the year.
Once the proposed separation is complete, Time Warner shareholders will own all of the outstanding interests in AOL.
Meanwhile, in executive moves AOL has promoted Bebo VP and COO Stephane Panier to head the social networks global operations. Panier will report to directly to Jon Brod, EVP of AOL Ventures, which Bebo now sits under following a recent company restructure. AOL purchased Bebo for €600 million in 2008, and has stated that despite the tumult it plans to keep the asset.
Panier joined Bebo last year from Google where he worked for six years in senior finance and operations positions.
