Following Steve Case's formal coming out this weekend as Carl Icahn's newest and most powerful supporter in his crusade against the Time Warner board, Icahn has demanded that the media giant's board
give a detailed explanation why it rejected the proposal led by Case and others to split the company. Icahn says that investors deserve the right to know "what level of debate actually occurred at the
board [and] what type of analysis was conducted." Icahn and his band of dissident shareholders have hired the investment bank Lazard, headed by Bruce Wasserstein, to determine whether Time Warner
should be split into four different businesses, as Case said he suggested to the board in July. For his part, Time Warner Chief Dick Parsons defended the conglomerate's structure, predicting that
other media companies--like Viacom--that are currently breaking up will soon be forced to regroup again. While Icahn is far from creating a shareholder revolt, many agree that they deserve to know
more about what Steve Case proposed.
Read the whole story at Financial Times »
