Ted Turner Renews Contract With AOL
Media mogul Ted Turner has put aside recently publicized bad feelings with AOL Time Warner Inc. and renewed his contract as vice chairman of the world’s largest Internet and media company, a spokesman confirmed.
The renewal comes after Turner, 63, voiced hard feelings and disappointment over his diminished role since the completion of AOL’s acquisition of Time Warner in January, as well as regrets about the sale of his Turner Broadcasting Systems to Time Warner in 1996.
Chief Executive-designate Richard Parsons, who will replace Gerald Levin when he retires in May, had reached out to Turner in recent weeks to keep him in the AOL Time Warner family.
“I am very pleased to extend my contract as vice chairman of AOL Time Warner and am enthusiastic about working with Steve Case, Dick Parsons, Bob Pittman and the rest of the management team,” Turner, AOL Time Warner’s largest individual shareholder, said in a statement.
Financial terms of the contract were not disclosed.
AOL Time Warner shares closed off 41 cents at $32.37 on the NYSE.
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Reuters
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