Notable Mergers and Acquisitions of the Day 5/28: TWX, RUS May 28, 2009 09:45AM

Time Warner Inc. (NYSE: TWX) announced that its Board of Directors has authorized management to proceed with plans for the complete legal and structural separation of AOL from Time Warner. Following the proposed transaction, AOL would be an independent, publicly traded company.

Time Warner Chairman and Chief Executive Officer Jeff Bewkes said: "We believe that a separation will be the best outcome for both Time Warner and AOL. The separation will be another critical step ...