Google sells $1 billion stake in AOL for $283 million
Tuesday, July 28, 2009 6:20Posted in category Mobile Phone News
No Comments
In anticipation of AOL’s spin off from parent company Time Warner, Google has sold its 5% stake in AOL back to Time Warner for almost 75% less than it paid for it in 2006.
According to an SEC filing released today, Time Warner paid 3 million for Google’s 5% share of AOL on July 8, which Google spent a billion dollars on in 2006.
The deal brought mutual strength to AOL and Google’s advertising platforms and outsourced AOL’s searches to Google, but at the end of last year, Google wrote down 6 million of the investment.
Similar Posts:
- AOL’s spinoff from Time Warner to shed 2,500 jobs
- Warner cheapens and expands DVD-to-Blu-ray exchange program
- AOL’s decision to rebrand as Aol. takes a bad brand and makes it worse
- Google begrudgingly adjusts news crawling for paid publishers
- Google: Open news publishing ‘need not mean free’
You can follow any responses to this entry through the RSS 2.0 feed.
You can skip to the end and leave a response. Pinging is currently not allowed.
