Time Warner Takes Google Stake
Time Warner (TWX Quote) finally had some good news about the online business Friday -- thanks to Google.
The media and entertainment conglomerate's struggling America Online unit exercised a previously disclosed warrant to purchase stock in Google, the fast-growing search engine that recently announced plans to go public.
Time Warner's stake in Google, which one analyst calculated to be 3% of Google's outstanding shares, could be worth at least a half a billion dollars to Time Warner -- a nice bit of news for a company whose online operations have been the source of much financial and legal pain in recent years.
In Time Warner's 10-Q filed with the Securities and Exchange Commission Friday, the company says that earlier this month it exercised a warrant to purchase 7.4 million shares of Google's Series D preferred stock for approximately $22 million, implying a price of nearly $3 per share. ...
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