Ted Turner, the largest individual shareholder of AOL Time Warner Inc., sold more than half his stake in the giant media company for $789 million, traders said.
Turner sold the 60 million shares to Goldman, Sachs & Co., which was offering the shares to institutional investors at $13.15 each, the traders said. Turner held 115.9 million shares at the end of April. AOL shares fell 7 cents to $13.38 on the New York Stock Exchange.
Goldman declined to comment. A spokeswoman for Turner referred calls to an AOL Time Warner spokeswoman, who didn’t return a call seeking comment.
Turner is stepping down as vice chairman of AOL Time Warner. He sold Turner Broadcasting System Inc. to Time Warner Inc. in 1996.