Billionaire corporate troublemaker Carl Icahn continues to mobilize his forces in an attempt to uproot Time Warner's board of directors. Dow Jones reports that the corporate raider is planning to
propose a merger of AOL, Time Warner's entertainment businesses, and a smaller unnamed Internet portal. According to the report, Icahn wants to see AOL come together with Warner Bros., New Line
Cinema, HBO and Turner's cable networks. Icahn has also held discussions with operators of a small number of Web portals. In a prepared statement, Time Warner said it would study any proposition by
Icahn and the investment firm Lazard "thoroughly and carefully." Icahn leads an investment group that holds about 3 percent of Time Warner's shares. He has hired Lazard to help his group explore
strategic alternatives--including a new board--in an attempt to boost the company's stock price, which has hovered at around $18 for two years.
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