Turner Sells 60M AOL Time Warner Shares AP Business Writer
Billionaire Ted Turner has sold 60 million shares of AOL Time Warner Inc., raising $784 million and cutting his stake in the media giant he helped to create by more than half.
The sale Monday is the latest by Turner to divest his holdings in the company. of the company.
Turner sold his shares for $13.07 each, according to a person familiar with the sale price.
Turner sold 50 million shares outright, and transferred another 10 million to a charitable trust, which then sold those shares, the company said. The Wall Street Journal reported that Goldman Sachs Group Inc. bought the shares.His 45 million remaining shares leave him with about 1 percent
Turner also has ended his stock sale program, which sold AOL Time Warner shares periodically.
In January, Turner announced that he would leave the company as vice chairman this month after its annual shareholders meeting on May 16. In a statement announcing the stock sale, AOL Time Warner said Turner had decided to remain on its board.
Turner, who founded Atlanta-based Cable News Network and Turner Broadcasting, remains the company's largest shareholder. He has repeatedly expressed dissatisfaction with the 2001 merger of America Online and Time Warner, although in its release the company said Turner "remains supportive of management" and would vote his shares in favor of company proposals.
In trading Monday on the New York Stock Exchange, AOL Time Warner shares fell 7 cents to close at $13.38 on the New York Stock Exchange. They lost another 15 cents in extended trading after news of Turner's sale was disclosed.
---- Damn, I have actually been trying to follow this AOL/TW-Ted Turner thing since I read AOL/TW lost what about $99 Billion! Turner has slowly been selling his shares. I guess I don't get business that well, but how can 45 million remaining shares = about 1 percent? I guess I need to factor in how big the company is. I keep hoping Turner will leave AOL/TW with TNT and then want to bring NWA (TNA) home to TNT. It's a small dream but I still wish about it.
Your Official Sunday, April 13, 2003 Randomly Selected Wiener Of The Day!!
45 million shares = 1% because AOL/TW has about 45 billion shares outstanding.
corporations issue different types of stock. the stop of a corporation may be either common or perffered and either par and no-par.
every corporation issues common stock, the basic form of stock. investors who buy common stock take the ultimate risk with a corporation. whenever someone says "stock" it is understood to be common stock. the corporation makes no promises to pay them. if the corporation succeds, it will bay dividends to its stockholders, but if net income and cash are too low, stockholders may recieve no dividends.
perferred stock gives its owners certain advantages over common stockholders. these benefits include the right to reveive dividends before the common stockholders and the right to recieve assets before the common stockholders if the corporation liquidates.
par/no-par has to do with the issuing price...
turner most likely has perferred stock
why are there 45 billion shares outstanding? if you need capital, issue some stock and sell it. the capital will roll on in.
yeah, a company with a lot of outstanding stock can be bad for the investors. lets say that aol/tw had a net profit of 45 million for the fiscal year and there were 45 billion outstanding stocks. that means that each share made a penny, but the stockholders won't see that unless the corporation pays a dividend, and they won't pay out that tiny amount. throw it into the bank and pray ya don't take a loss...
(edited by rikidozan on 6.5.03 0242) "Grabbin your butt? That's not very lady-like." "I'm not a lady." "Oh. Whatever."
Originally posted by y4j1981 I keep hoping Turner will leave AOL/TW with TNT and then want to bring NWA (TNA) home to TNT. It's a small dream but I still wish about it.
Turner has stated in the past that the AOL fiasco has wiped out 90% of his worth, because instead of cash when he sold Turner Broadcasting to Time Warner, he took payment in stock. Ted's still richer than any of us will ever be (except for CRZ after he rewrites the Bible), but he is very close to teetering off the Billionaire List. So, Ted's just going to concentrate on opening Buffalo Burger stands throughout the country and ease into retirement as still the largest individual landholder in the U.S. On a side note, do you think at this point Ted wishes he had the $1 Billion he donated to the U.N. back in his wallet?
I hate Swamprats. Payback for the Celts against the team led by a wifebeater/child abuser (he did break his kids collarbone in public). And 12 wins until Banner #17.
Even when my 250cc motorcycle was my 24/7 vehicle, I couldn't use it in the winter. Geico's insurance is only a 9 month plan (and even then, I think I pay $300 a year for both my rides, 700cc Honda Interceptor, 1700cc Yamaha Warrior).