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- Icahn Wants Time Warner Seat
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Time WarnerTWX affirmed its estimates for two profitability metrics Tuesday ahead of a presentation to investors. The media conglomerate, which has been in the news recently because of Carl Icahn's efforts to gain board representation and force a restructuring, said it continues to expect 2005 adjusted operating income before depreciation and amortization to rise in the high-single-digits from the $9.9 billion it recorded in 2004. "This expectation reflects anticipated revenue gains and margin expansion," the company said, adding that between 30% and 40% of the adjusted OIBDA will be converted to free cash flow. The guidance is identical to estimates it made earlier this year. Shares fell 4 cents to $18.17 early Tuesday.
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