Icahn-Parsons: Much Ado About Nothing

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A hotly anticipated meeting between Time Warner Inc. chairman Dick Parsons and corporate raider Carl Icahn produced few fireworks Wednesday.

Icahn -- who said earlier this week that he and three other hedge funds had accumulated $2.2 billion in Time Warner stock -- has been pressing for the media giant to fully divest its cable assets and to boost its share-buyback program from $5 billion to $20 billion.

In a press release Monday, Icahn said Icahn Partners, Icahn Partners, Icahn Partners Master Fund, Franklin Mutual Advisors Inc., JANA Partners LLC and SAC Capital Advisors LLC have accumulated about 120 million shares of Time Warner stock (2.6% of total shares outstanding), worth $2.2 billion on the open market.

According to a Time Warner spokeswoman, the meeting between the two was cordial but produced no new news.

“It was a frank and open exchange of views,” Time Warner spokeswoman Mia Carbonell said. “Dick reinforced to Carl Icahn that the board and management are committed to moving as aggressively as appropriate on the current course the company is on to create and deliver long-term value for shareholders.”
She would not comment on whether there will be further meetings between the two men.

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