San Francisco, Jul 28: In its filing with the US Securities and Exchange Commission, AOL has revealed that Time Warner has bought back Google's 5 per cent stake in the Internet company.
Time Warner Inc paid 283 million dollars to buy back the Google Inc's stake in the struggling Internet company, AOL on Jul 8. The price is close to what the Google's estimates released earlier. And with this price, AOL's total value stands at about 5.7 billion dollars.
The Internet giant that brought the 5 per cent stake for one billion dollars in 2006 had estimated that investment had plummeted by more than 70 pc to 274 million dollars in Jan 2009.
New York-based media company, Time Warner, that had expressed interest in buying the stake earlier, plans to spin off AOL by the end of 2009.