Icahn Hires Lazard to Examine Reshaping Time Warner

New York -- Billionaire financier Carl Icahn has hired financial advisory firm
Lazard to look into various strategic alternatives that would maximize the value
of media giant Time Warner. Some of those alternatives could include selling
off pieces of the company, streamlining its corporate structure and launching a
major share repurchase plan. Icahn has been a major proponent of spinning off
the company's cable unit and launching a $20 billion stock buyback -- $7.5
billion more than the program currently in place. Icahn's group, which also
includes Franklin Mutual Advisers, Jana Partners and S.A.C. Capital, holds 135
million shares of Time Warner. "We continue to believe that Time Warner's
stock is greatly undervalued and that the company is in need of a major
restructuring," said Icahn.
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