AOL Time Warner Inc2/25/2001 7:00 PM Eastern
NEW YORK - AOL Time Warner Inc.
vice chairman Ted Turner filed documents with the Securities and Exchange Commission to sell up to 1 million shares of his stock in the company at a value of about $50 million.
Turner acquired the shares in January as part of the $106 billion merger of America Online Inc. and Time Warner Inc.
Turner had sold his Time Warner stock from time to time to help fund personal projects, such as his $1 billion pledge to the United Nations and to help fund anti-nuclear weapons groups.
Turner is the fourth AOL Time Warner executive to file documents to sell shares this month. Earlier in February, chairman Steve Case and co-chief operating officer Bob Pittman filed to sell 1 million shares each. Vice chairman Kenneth Novack also filed to sell 500,000 shares in February.
According to the filing, Turner will retain control of 132 million shares of AOL Time Warner, or about 3 percent of its outstanding stock, after the sale.