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Updated from 10 a.m.
Time Warner (TWX Quote) gave ground in its battle with activist hedge fund investor Carl Icahn, saying it would meet him halfway on his stock buyback demands.
The New York media giant posted a solid third-quarter profit, driven by gains at its cable TV operation, and reaffirmed full-year guidance. It also boosted its share buyback plan to $12.5 billion from the previous $5 billion. Icahn, noting the poor performance of Time Warner shares under current management led by CEO Dick Parsons, has demanded a $20 billion buyback and a full spinoff of the Time Warner Cable operation. Time Warner was mum on that issue, as well as on the status of talks with big online partners for a stake in AOL, on Wednesday. ...
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