Time Warner Inc. said Monday it has finalized Dec. 9 as the spin-off date of its AOL online unit, adding that current shareholders of record will receive one share of AOL stock for every 11 shares of Time Warner stock they hold.
Time Warner announced earlier this year that it would spin off the AOL unit.
In March, AOL named former Google executive Tim Armstrong as CEO. Armstrong will continue in that role with the newly independent company.
The spin will be the second asset separation for the company this year -- in March it spun off its interest in Time Warner Cable.
The deal will also close a chapter in Time Warner history that most investors would like to forget - the $100 billion AOL merger. Although it was touted as a perfect marriage of new and old media when it closed in 2001, the union is largely believed to be one of the worst mergers in American corporate history.
According to a press release, Time Warner said the new AOL shares will begin trading on the New York Stock Exchange on Nov. 24 on a "when-issued" basis under the symbol "AOL WI." The stock will begin trading on a regular basis on Dec. 10 under the symbol "AOL."
