Time Warner to Spin Off AOL on Dec. 9

NEW YORK (TheStreet) -- Time Warner (TWX Quote) plans to spin off its AOL unit on Dec. 9.

Time Warner stockholders will receive one common share of AOL for every 11 of Time Warner shares held.

AOL common stock will begin trading on a "when-issued" basis on the New York Stock Exchange on Nov. 24, and will begin trading under the 'AOL' symbol on Dec. 10.

AOL said in a regulatory filing Monday that it will start out with about 105.7 million common shares, based on the amount of shares of Time Warner stock it expects to be outstanding as of Nov. 27.

Based on Time Warner's closing stock price of $32.35 on Monday, AOL is currently worth about $3.4 billion.

AOL was valued at more than $160 billion when it merged with Time Warner in 2001, but the companies have been unable to successfully integrate their operations.