Page last updated at 16:39 GMT, Wednesday, 29 April 2009 17:39 UK

Time Warner plans to spin off AOL

Time Warner office
Time Warner has completed the separation of Time Warner Cable

US media giant Time Warner has said it anticipates spinning off one or more parts of AOL as advertising sales decline at the internet business.

The announcement came after Time Warner posted stronger-than-expected profits and reaffirmed its full-year forecast.

Net profits for the first quarter came in at $661m (£448.8m), a fall of 14% from the $771m reported a year earlier.

Revenue at the company, which owns Time magazine and the CNN and HBO television networks, fell by 7% to $6.9bn.

"Our results keep us firmly on track to achieve our full-year business outlook ," said Time Warner boss Jeff Bewkes.

The first-quarter results were also affected by costs associated with the separation of Time Warner Cable, which was completed during the quarter.

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