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Beef: And The Winner Is...

Carl Icahn has backed down in his battle against Time Warner chairman Richard Parsons. A truce was reached late last week after Icahn was unable to get the backing needed to execute his planned ouster of Parsons and install a new slate of directorsas a precursor to a break up of Time Warner's media empire.

" I don't think shareholders were ready to give me the keys," Icahn told the New York Times.

Icahn agreed to dropped his assault and Parsons agreed to certain concessions. Time Warner pledged to up its stock buy back, up from $12.5 to $20 billion in stock. It also agreed to add two independent directors to the board--after consulting with Icahn about the candidates, and will cut cost by $500 million in 2007.

Parsons said he was "very pleased to have reached an understanding with Mr. Icahn."


Links:

BEEF: Carl Icahn VS. Dick Parsons


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