MUMBAI: US media conglomerate Time Warner has completed the previously announced spin-off of US net service provider AOL.

One share of AOL common stock was distributed for every eleven shares of Time Warner common stock held as of 27 November, 2009. Stockholders will receive a cash payment instead of any fractional AOL shares. 
 
Time Warner chairman and CEO Jeff Bewkes says, "With the separation of AOL, we‘ve returned to our roots as one of the leading content companies in the world. We‘re now better positioned to focus even more closely on driving the best possible performance at our content businesses in the most efficient way. I‘m confident that Time Warner is on track to generate steady, attractive financial results and improve returns to our stockholders. At the same time, we believe that AOL will have greater operational and strategic flexibility as a standalone company." 
 
No action or payment is required by Time Warner stockholders to receive the shares of AOL common stock. Stockholders who held Time Warner common stock on the record date will receive a book-entry account statement reflecting their ownership of AOL common stock or their brokerage account will be credited with the AOL shares.