AOL - Carl Icahn
(via aol)
NEW YORK -(Dow Jones)- Shares of Time Warner Inc. (TWX) gained 4% following a report that financier Carl Icahn is attempting to organize an investor group, potentially to advocate for the break up of the media conglomerate.
Icahn, known for staging proxy fights after building up stakes in companies, has contacted hedge funds, institutions, and former Time Warner executive Ted Turner to gauge their interest in joining such a group, according to a report on CNBC by David Faber.
Speculation swirled in the markets on Friday that Icahn was boosting his five- million-share stake in Time Warner.
Icahn didn't return telephone calls from Dow Jones Newswires seeking comment. A representative from Time Warner couldn't immediately be reached for comment. A Ted Turner spokeswoman had no immediate comment.
Time Warner rose 4%, or 72 cents, to $18.69 a share, on volume of 26 million shares, up from average daily volume of 20.4 million. Shares gained more than 3% in heavy volume on Friday amid speculation about Icahn's interest.
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