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September 14, 2005
Corporate raider Carl Icahn wants a Time Warner board seat
The New York Post reports that Carl Icahn is "tightening his famous raider's grip on Time Warner chief Dick Parsons in hopes of quicker profits on the media giant's anemic shares." Icahn is currently angling for one or more seats on the company's board of directors, and to do so, he's "pulled together a posse of other investors." Since Parsons took over the helm of the company in May 2002, Time Warner shares have actually fallen 4%.
In related news: Time Warner will merge the business Web sites of CNN and Time (including Fortune) under the CNNMoney.com name. The goal is simple: create one central Web site for all the Time Warner brands in an attempt to boost Internet ad sales.
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