Time Warner’s Spin-off of AOL

On December 10, 2009, Time Warner Inc. announced that it has completed its spin-off of AOL, bringing to a close the legal and structural separation of one of the world’s leading media and entertainment companies and one of the pioneer companies of the internet. Cravath represented Time Warner in this transaction, in which one share of AOL common stock was distributed for every eleven shares of Time Warner common stock held as of 5:00 p.m. on the record date of November 27, 2009. Stockholders will receive a cash payment instead of any fractional AOL shares.

The lawyers involved in this matter are partner Richard Hall and associates Brendon S. Prebble and David Fishman on corporate matters; partners Stephen L. Gordon and Lauren Angelilli and associates J. Leonard Teti II, Louis K. Rosner and Matthew Cantor on tax matters; and associates Lori Diamond Goodman, Jarrett R. Hoffman, Daniel A. Birnhak and Jared R. Whalen on executive compensation and benefits matters.