Time Warner is close to spinning off all of its AOL Internet business, according to several reports. Although a decision has not been finalised, executives prefer spinning off the whole division rather than a part.

Since Microsoft launched a bid to take over Yahoo last year, Time Warner has attempted to find potential combinations of AOL with either Yahoo or Microsoft, with little success. A decision to spin off AOL would help erase what is considered one of the worst corporate mergers in history.

Time Warner wrote down the value of the division by nearly $100 billion a year after the deal’s 2001 close and it has lagged rivals in advertising growth.

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