Time Warner Is Set to Separate AOL

Time Warner is set to announce a separation of its America Online (AOL) division as soon as today. Time Warner Chief Executive Jeff Bewkes has signaled for months that Time Warner was likely to move forward without the Internet unit, and the company said last month it expected to spin off all or parts of the business. On Thursday, Time Warner's board is expected to meet and approve a separation of AOL into an independent company, although the structure of the transaction hasn't been finalized, according to the people familiar with the matter.