A bummer for Tim Armstrong: the private jets are staying with Time Warner.
AOL told the SEC today that when it spins off from Time Warner (TWX) in the coming months, it will leave a bunch of stuff behind:
- Some minority investments
- Domain names
- Three Gulfstream Aerospace corporate jets
- One Raytheon Hawker jet.
This will disappoint SAI readers, who, earlier this year, voted 55% to 45% in favour of AOL CEO Tim Armstrong getting to keep the jets when AOL spins off from Time Warner.
It should be said that there’s no reason AOL can’t buy its own private jet once it’s spun off from Time Warner.
In the same filing, AOL also said it may leave AOL India with Time Warner.
According to PaidContent, the minority investments include AOL’s stake in Brightcove, Inc., 360 Intellectual Equity, LLC, Kayak Software Corporation, Lat34, LLC (f/k/a Fusion Entertainment, LLC), Advanced Commerce Strategies, Inc. (ACSI), Orb Networks, Inc., Cranberry Properties, LLC, Jonas-MGX JV and Advertising.com Kabushiki-Kiasha.
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