AOL Time Warner, Nokia Make Connection

AOL Time Warner Inc. announced a licensing pact with Nokia Corp., marking the media conglomerate’s first foray into micro-browsers, which provide wireless Internet access. Terms were not disclosed. The newly merged AOL Time Warner also said it may repurchase as much as $5 billion of its shares over the next two years because it thinks the stock is undervalued. Under the multiyear agreement with Nokia, the company’s AOL unit will develop and market a Netscape-branded version of Nokia’s wireless application protocol browser. The Finnish telecommunications equipment maker’s browser can be used to access the Web through a variety of wireless communications devices. Separately, AOL Time Warner’s Netscape Communications Corp. unit said it promoted Jim Bankoff to president, succeeding Jim Martin. Martin will move to a new position. Bankoff was previously vice president of strategy and operations for AOL. Shares of New York-based AOL Time Warner rose 98 cents to close at $49.77 on the New York Stock Exchange.