Time Watner and AOL.docx
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Time Watner and AOL.docx
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TimeWatnerandAOL
1.WhywasAOLseparatedfromTimeWarner?
TimeWarner’smanagementbelievesthattheseparationistherightstepforTimeWarnerbasedonthechangesinAOL’sbusinessovertimeanditspotentialforgrowthasaseparatepubliccompany.Inaddition,AOLattractspotentiallydifferentinvestorsthantherestofTimeWarner’sbusinesses.
TimeWarner’smanagementbelievesthatthereareanumberofpotentialbenefitsfromtheseparationtransaction:
∙TimeWarnerwillbecomeamorestreamlinedportfolioofbusinessesfocusedoncreating,packaginganddistributingbrandedcontent.
∙TimeWarnerandAOLwilleachhavegreaterstrategicandoperationalflexibility.
∙TheseparationwillprovideinvestorswithgreaterchoiceindecidingwhethertoownsharesofTimeWarnerorAOLorbothcompaniesbasedontheirseparateportfoliosofbusinessesandassets.
2.WhenwasAOLseparatedfromTimeWarnerandhowwastheseparationaccomplished?
TimeWarnercompletedtheseparationofAOLfromTimeWarnerthroughaspin-offinvolvingaproratadividenddistributionofalloftheAOLcommonstockheldbyTimeWarnertoTimeWarnerstockholders.ThedistributionwasmadeonDecember9,2009toTimeWarnerstockholdersofrecordat5:
00p.m.onNovember27,2009(therecorddateforthedistribution).
3.HowmanysharesofAOLcommonstockdidTimeWarnerstockholdersreceive?
TimeWarnerstockholdersreceived1shareofAOLcommonstockforevery11sharesofTimeWarnercommonstocktheyheldontherecorddateofNovember27,2009.Thedistributionofshareswasmadeinbook-entryform.
TimeWarnerstockholdersdidnotreceivefractionalsharesofAOLcommonstockinthedistribution.SeeQuestion8belowregardingthetreatmentoffractionalsharesofAOLcommonstock.
4.ShouldIhavereceivedsharesofAOLifIsoldsharesofTimeWarnerbeforethedistributiondate?
SharesofTimeWarnercommonstockcontinuedtotrade“regularway”(includingtherighttoreceivetheAOLcommonstockdistribution)ontheNewYorkStockExchangethroughtheperiodleadinguptoandincludingthedistributiondateofDecember9,2009.
IfyousoldTimeWarnershares“regularway”onorbeforeDecember9,2009,youalsosoldyourrighttoreceivesharesofAOLcommonstockthatyouwouldhaveotherwisereceived.
IfyoupurchasedTimeWarnershares“regularway”onorbeforeDecember9,2009andheldthemthroughthisdate,youpurchasedtherighttoreceivesharesofAOLcommonstockbasedontheTimeWarnersharesyoupurchased.
InvestorsareencouragedtoconsultwiththeirfinancialadvisorsregardingthespecificconsequencesofsellingorbuyingTimeWarnercommonstockonorbeforethedistributiondate.
5.Whatwastherecorddateforthespin-offdistributionofAOLsharestoTimeWarnerstockholders?
Therecorddatewas5:
00p.m.onNovember27,2009.
6.DidIneedtodoanythingtoreceivemydistributionofAOLshares?
Ingeneral,ifyouheldTimeWarnercommonstockontherecorddate,noactionwasrequiredtoreceiveAOLcommonstockand,ifapplicable,thecashpaymentinlieuoffractionalsharesofAOLcommonstock.SeeQuestion8belowregardingthetreatmentoffractionalsharesofAOLcommonstock.IfyouheldTimeWarnercommonstockontherecorddate,youshouldhaveeitherreceivedabook-entryaccountstatementreflectingyourownershipofAOLcommonstockoryourbrokerageaccountshouldhavebeencreditedwithAOLcommonstock.
Pleasenotethefollowingtwoexceptions:
∙TimeWarnerdistributed1shareofAOLcommonstockforevery11sharesofTimeWarnercommonstockthatTimeWarnerstockholdersheldontherecorddate.Ifyouheldfewerthan11sharesofTimeWarnercommonstockontherecorddate,youwouldnothavereceivedanysharesofAOLcommonstock.Instead,youwouldhavereceivedcashinlieuofanyfractionalAOLsharetowhichyouwouldotherwisebeentitled.Noactionbyyouwasrequiredtoreceiveanysuchcash-in-lieupayment.SeeQuestion8belowregardingthetreatmentoffractionalsharesofAOLcommonstock.
∙Ifyouholdunexchangedstockcertificate(s)for(i)TimeWarnercommonstockissuedpriortothe1-for-3reversestocksplitofthecommonstockonMarch27,2009or(ii)thecommonstockofAmericaOnline,Inc.orTimeWarnerInc.issuedpriortothemergerofthesecompaniesonJanuary11,2001,pleasecontactTimeWarner’stransferagent,Computershare,forinstructionsonhowtoexchangeyourstockcertificate(s)fornewTimeWarnershares.YoucancallComputershareat(800)254-5193orsendanemailmessagebyclickingonthe“ContactUs”linkatStockholdersfromoutsidetheU.S.andCanadamaycall(781)575-4593.
Ifyoucontinuetoholdunexchangedstockcertificate(s)afterDecember9,2009,anyAOLsharesorcashinlieuofafractionalAOLsharewhichyouwouldotherwisebeentitledtoreceivehavebeenheldandwerenotdistributedtoyou.Youmustexchangeyourstockcertificate(s)inordertoreceiveyourAOLshares,anycashinlieuofafractionalAOLshare,andanyfuturedividendsordistributionsonyourTimeWarnerorAOLshares.
6.WhenwerethesharesofAOLdistributed?
WerephysicalstockcertificatesfortheAOLsharesdistributed?
ThedistributiondatefortheAOLshareswasDecember9,2009.
SeeQuestion6aboveregardingtwoscenariosthatcouldprecludethedistributionofAOLsharestoyou.
IfyouareentitledtoreceivesharesofAOL,youdidnotreceiveanyphysicalstockcertificatesfortheAOLshares.Instead:
∙IfyouarearegisteredTimeWarnerstockholder:
Thebook-entryaccountstatementreflectingyourownershipofAOLstockwasmailedtoyouonoraboutDecember17,2009.Ifyouwouldotherwisebeentitledtoafractionalshare,acashpaymentinlieuofthefractionalsharewasmailedseparately,onoraboutDecember22,2009.
∙IfyouareabeneficialTimeWarnerstockholder(inotherwords,ifyouholdyoursharesthroughabroker,bankorothernominee):
YourbrokerageaccountshouldhavebeencreditedwiththeAOLsharesfollowingthedistributiondateofDecember9,2009.Ifyouwouldotherwisebeentitledtoafractionalshare,yourbrokerageaccountshouldhavebeencreditedwithacashpaymentinlieuofthefractionalshare.Eachbroker,bankorothernomineehasitsownprocessesforhandlingthecashreceivedfromTimeWarnerinlieuoffractionalshares.Youshouldcontactyourbroker,bankorothernomineeformoreinformation.
SeeQuestion8belowregardingthetreatmentoffractionalsharesofAOLcommonstock.
8.Howwerefractionalsharestreatedinthespin-offdistributionofAOLshares?
TimeWarnerstockholdersdidnotreceivefractionalsharesofAOLcommonstockinthedistribution.Instead,thefractionalsharesofAOLcommonstockwereaggregatedandsoldintheopenmarketbyTimeWarner’sdistributionagent,Computershare,withthenetproceedsdistributedprorataintheformofcashpaymentstobothregisteredholdersandbeneficialholders(i.e.,thosewhoholdsharesthroughabroker,bankorothernominee)whowouldotherwisebeentitledtoreceiveAOLfractionalshares.Thecashinlieuratewas$23.1128pershare.
9.WhomcanIcontactifIhavequestionsaboutthedistributionofAOLshares?
∙IfyouarearegisteredTimeWarnerstockholder:
IfyouwouldlikeadditionalinformationregardingthedistributionoftheAOLshares,thecashpaymentinlieuoffractionalshares,orhowtoexchangeTimeWarnerstockcertificatesissuedpriortoMarch27,2009,pleasecontactTimeWarner’stransferagent,Computershare,at(800)254-5193,orsendanemailmessagebyclickingonthe“ContactUs”linkatStockholdersfromoutsidetheU.S.andCanadamaycall(781)575-4593.Ifyouwouldotherwisebeentitledtoafractionalshare,acashpaymentinlieuofthefractionalsharewasmailedseparately.
∙IfyouareabeneficialTimeWarnerstockholder(inotherwords,ifyouholdyoursharesthroughabroker,bankorothernominee):
Pleasedirectanyquestionsregardingthedistributionorthecashpaymentinlieuoffractionalsharestoyourbroker,bankorothernominee.
∙TimeWarnerstockholdersmayalsocontactTimeWarnerInvestorRelationsbyemailatir@orbycallingtoll-freeat(866)INFO-TWX.
∙IfyouarearegisteredAOLstockholder:
IfyouwouldliketotransferyourAOLsharesorreceiveaphysicalstockcertificateevidencingyourownershipofAOLshares,pleasecontactAOL'stransferagent,Computershare,at(800)254-5193,orsendanemailmessageusingtheonlinecontactformatStockholdersfromoutsidetheU.S.andCanadamaycall(781)575-4593.
SeeQuestion8aboveregardingthetreatmentoffractionalsharesofAOLcommonstock.
10.HowwilltheseparationaffectTimeWarner’sfourthquarter2009financialresults?
Beginningwiththefourthquarterof2009,TimeWarnerwillpresentAOLresultsasadiscontinuedoperationundergenerallyacceptedaccountingprinciples.ThisaccountingtreatmentexcludestheAOLsegmentresultsfromthepresentationofcontinuingresultsofoperations,includingincomepercommonshare,forallperiodspresented.Accordingly,withrespecttoTimeWarner’s2009andprioryearresultsfromcontinuingoperations,theimpactisasfollows:
∙RevenueswillberevisedtoexcludethecontributionfromtheAOLsegment.
∙OperatingIncomebeforeDepreciationandAmortization(OIBDA)willberevisedtoexcludethecontributionfromtheAOLsegment.
∙OperatingIncomewillberevisedtoexcludethecontributionfromtheAOLsegment.
∙NetIncomefromcontinuingoperationswillberevisedtoexcludethecontributionfromtheAOLsegment.
∙Incomepercommonsharef
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