Case against case

31 October 2005 By Dan Ackman

The AOL founder and former chairman leaves just in time for Time Warner to do something bold about AOL. Indeed, the timing looks more than a little auspicious and may suggest Time Warner is willing to split AOL in two and dump the dialup arm.

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Steve Case, a cofounder of AOL and one of the prime movers behind the AOLTime Warner merger oft cited as one of the worst in history resigned from Time Warner's board. Case stepped down as chairman two years ago, but remained on the media conglomerate's board of directors as a persistent reminder of the deal, which he continued to defend.

Case says he is leaving to devote more time to his healthcare company. But his departure comes at a time of renewed speculation about the fate of the AOL unit of the media giant. It is publicly considering a partial sale or joint venture with Google and Comcast, Microsoft or Yahoo! At the same time billionaire investor Carl Icahn is demanding that Time Warner spin off its cable unit and revamp its board.

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