Sale of Google's stake values AOL at $5.7 billion
Time Warner purchased Google's 5 percent stake in AOL for $283 million earlier this month, paving the way for an AOL spin-off and valuing the company well below 2000-era levels.
The end result of Google's $1 billion investment in AOL in 2006? 28 cents on the dollar.
Time Warner, which is according to a filing with the U.S. Securities and Exchange Commission.as a separate company once again, confirmed that Google sold its 5 percent stake in AOL for $283 million on July 8,
Both companies had signaled their intentions long ago regarding that stake:that it was ready to make a move and in January, while Time Warner said it would buy back the stake in May .
Still, the move closes a chapter in the relationship between Google and AOL. It also values the Time Warner unit at $5.7 billion, according to Reuters.