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Updated from 9:01 a.m. EST
Media conglomerate Time Warner(TWX Quote) plans to separate its struggling AOL unit's Internet access business from its Web portal and online advertising components, CEO Jeff Bewkes said Wednesday.
Bewkes announced the plans in a conference call to discuss the company's fourth-quarter and full-year financial results, which were roughly in line with Wall Street's expectations, as strong gains in cable television offset sliding revenue at AOL.
The CEO also suggested the company may reduce its stake in Time Warner Cable. Shares were recently rising 4.5% to $16.09. ...
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