Dissident shareholder Carl Icahn has attracted yet another marquee name in his effort to take control of the Time Warner board.
The Times of London reports that Capital Research and
Management--the largest institutional shareholder in Time Warner--is expected to throw its considerable support behind Icahn and the team he is assembling. A week ago Icahn announced that Frank
Biondi, a well-known former entertainment industry executive, had agreed to run for the board on an Icahn slate. General Re, which holds more than 5 percent of Time Warner stock, is said to be
dissatisfied with the performance of its investment, according to Wall Street sources. Shares of the New York-based media giant have been depressed for several years, beginning not long after its
cataclysmic merger with AOL. Icahn, who owns about 3 percent of Time Warner's outstanding shares, hopes to break the company into several parts, which he claims will unlock their actual value.
Although Wall Street appears somewhat disinterested in Icahn's plans, the support of General Re, if it actually materializes, will not go unnoticed.
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