AOL May Sell CD Manufacturing Unit
AOL Time Warner Inc. may sell the compact disc manufacturing arm of its music business “in the next month or so,†Chairman and Chief Executive Richard Parsons said.
A sale might happen before the end of the second quarter, Parsons said at the National Cable & Telecommunications Assn.’s annual conference in Chicago.
The CD-making operation, part of the company’s Warner Music Group unit, could fetch about $1 billion, people familiar with the matter have said. Parsons declined to identify potential buyers. The company is “talking with several people,†he said.
Shares of AOL Time Warner fell 30 cents to $14.85 on the NYSE.
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