(Reuters) – Billionaire investor Carl Icahn said he plans a proxy fight at Time Warner Inc.’s annual meeting next year to replace “some or all” of the directors and to seek the “ouster” of its chiefexecutive, according to a BusinessWeek report.
Icahn, the renowned corporate raider turned shareholder activist, and a consortium of hedge funds own a combined 2.8 percent stake in the world’s largest media company. Icahn has pressed the company to spin off its cable division and execute a $20 billion stock buyback.
Complying with both demands and possibly another that calls for the divestiture of its publishing division Time Inc. could boost the media conglomerate’s lackluster share price, Icahn said.
