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January 18, 2006 Wednesday 3:56 PM EST
Investor Carl Icahn, who represents a group holding about 3 percent of Time Warner's stock, will push for a merger of Time Warner's America Online and entertainment businesses with a small Internet portal, said a report Wednesday.
A source familiar with the matter said Icahn will also propose that Time Warner separate its publishing and cable-system units from its entertainment properties, according to the Wall Street Journal.
Then he'd like to see AOL and the entertainment units, which include New Line Cinema, Home Box Office, Warner Bros. Entertainment, and the Turner cable networks, merged with a small, unspecified Internet portal, said the report.Mr. Icahn has a team of investment bankers to advise him on the proxy fight, and is expected to make his case at Time Warner's annual meeting in May, said the Journal.