The Time Warner board of directors has approved plans for Time Warner to spin off AOL into a separate company. AOL will become an independent, publicly traded company.

Following the separation, AOL will continue to focus on its Internet business, including its recently acquired companies such as Bebo, Userplane and Truveo.

These will be placed into a division called AOL Ventures. AOL will seek venture capital investment for those ventures.

Source: Nicholas Carlson, “AOL Spin-Off Approved, Huge Re-Org Coming,” Silicon Alley Insider, May 28, 2009

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