Google gives up cut price stake in AOL
By Jennifer Scott,
Google has sold off its stake in AOL for $700 million less than it bought it for.
Google bought the five per cent stake in the company back in 2005 for $1 billion but has now sold it to Time Warner for just $283 million.
This latest knock for the company has put its value at just $5.66 billion, compared to the publicised $20 billion it was worth back in 2005.
AOL hired an ex-president from Google, Tim Armstrong, to take over as chief executive in March this year, tasked with spinning off the company from Time Warner within the year and making it a success.
However, Armstrong told his employees last week that job cuts are a possibility once he has completed a 60 day review of the structure of the company, according to media reports.
Second quarter results for the company are due to be released tomorrow.
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