06/28/2009 05:12 am ET | Updated May 25, 2011

AOL SPINOFF: Time Warner Board Approves Plans

NEW YORK (AP) -- Time Warner Inc. says its board has approved plans to spin off AOL, the company's lagging Internet unit.

The New York company, which owns 95 percent of AOL, said Thursday it will buy out Google Inc.'s 5 percent stake during the third quarter and spin the unit off to Time Warner shareholders.

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