Case cuts Time Warner stake

Co.'s former exec sells off 100,000 shares for about $1.7 mil

By BLOOMBERG

Case

Steve Case is trimming his $250 million stake in Time Warner, marking the first time he has sold shares since resigning as chairman of the world's largest media company 15 months ago.

Case disclosed in regulatory filings that he sold 100,000 shares this week for about $1.7 million. He plans to sell a total of 1.65 million shares during the next three months, said Time Warner spokeswoman Tricia Primrose. Those shares would be worth about $27.5 million at the stock's current price.

Case last sold stock in the New York-based company in 2001, according to the Washington Service, which tracks insider data from the Securities and Exchange Commission. That January, Case's America Online acquired the original Time Warner for $124 billion, forming AOL Time Warner.

AOL Time Warner shares plunged from their post-merger high of $54.59 amid writeoffs at the Internet unit that produced a $98.7 billion loss for 2002. Case resigned as chairman in May 2003 and was replaced by chief exec Richard Parsons. Company dropped AOL from its name in October.

Time Warner shares fell 24¢ to $16.64 on Thursday. They have declined 6.2% this year.