The end result of Google's $1 billion investment in AOL in 2006? 28 cents on the dollar.
Time Warner, which is in the process of spinning out AOL as a separate company once again, confirmed that Google sold its 5 percent stake in AOL for $283 million on July 8, according to a filing with the U.S. Securities and Exchange Commission.
Both companies had signaled their intentions long ago regarding that stake: Google notified Time Warner in February that it was ready to make a move and wrote off more than $700 million of that investment in January, while Time Warner said it would buy back the stake in May when announcing plans to spin off AOL.
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.
Be respectful, keep it clean and stay on topic. We delete comments that violate our policy, which we encourage you to read. Discussion threads can be closed at any time at our discretion.