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Corporate Shark Circling Time Warner

Corporate raider Carl Icahn is trying to form a faction of shareholders that would press Time Warner into a corporate restructuring, The New York Times (access requires free registration) reports.

Icahn controls a hedge fund that owns five million shares of Time Warner, which is the parent of Warner Bros. Pictures and Cartoon Network. Icahn has told other investors that the company could improve its stock price if it spun off its cable unit and bought back shares.

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