Time Warner Inc. paid $283 million for Google Inc.’s 5% stake in AOL, the Internet company said in a U.S. regulatory filing Monday.
Time Warner (TWX, Fortune 500), which plans to spin off AOL by the end of the year, bought the stake from Google (GOOG, Fortune 500) on July 8, AOL said in the filing with the U.S. Securities and Exchange Commission.
The price that the company paid for Google’s stake implies that AOL has a total value of about $5.7 billion.
The filing is a registration statement with the government that AOL must file before its long-expected separation from Time Warner, and brings the company one step closer to ending a troublesome eight-year-old merger.
Current Time Warner shareholders are expected to be holders of the new AOL shares once the company is separated easy payday loans. Time Warner is the parent company of CNNMoney.com.
AOL Chief Executive Tim Armstrong told Reuters last week the company will focus primarily on being a Web advertising business.
In its registration statement, AOL said that it expects to incur up to about $90 million of additional restructuring charges in the last nine months of 2009.
The company already incurred $58.3 million in restructuring charges during the first quarter of 2009, which it said were related primarily to layoffs and closing facilities.
Time Warner shares rose 2 cents to close at $27.60 on the New York Stock Exchange. Google shares fell $1.92 to close at $444.80 on the Nasdaq stock market.
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