Google gives up cut price stake in AOL
Google has sold its five per cent stake in AOL for less than a third of what it paid four years ago.
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.
The definitive guide to warehouse efficiency
Get your free guide to creating efficiencies in the warehouse
Free downloadThe total economic impact™ of Datto
Cost savings and business benefits of using Datto Integrated Solutions
Download nowThree-step guide to modern customer experience
Support the critical role CX plays in your business
Free download
