The Single Biggest Destruction of Wealth Nears End

Time Warner shares were up as much as 7% Wednesday after the company said in a regulatory filing that it expects to spin off one or more parts of AOL to stockholders, which would remove the biggest piece of uncertainty for investors in the world's largest media company. "Although the company's board of directors has not made any decision, the company currently anticipates that it would initiate a process to spin off one or more parts of the businesses of AOL to Time Warner's stockholders, in one or a series of transactions," Time Warner said in a filing with the SEC. CEO Jeff Bewkes said on a conference call that the company plans to announce its plans for AOL "very soon."