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Frank Biondi Joins Carl Icahn in Time Warner Proxy Fight
/ January 31, 2006 10:22 am

Dulles, Va. – Frank Biondi, the former CEO of Viacom, has joined billionaire Carl Icahn in a proxy fight for control of media giant Time Warner, with the intention of forcing a sale or spin off of the company's America Online unit, Icahn's group said. Biondi would serve as Time Warner's CEO, if the group manages to gain control of the company’s board of directors. A report from the investment bank Lazard, commissioned by Icahn and expected to be released next week, will provide a detailed plan of how Time Warner could be restructured to maximize the company's business prospects and share price, Icahn said. The plan will include separating Time Warner's component businesses and significantly reducing corporate overhead.

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