Corporate raider Carl Icahn, who recently took a run at Blockbuster (see 'Icahn Pushes Video Merger'), has set his sights on Time Warner, which he reportedly wants to sell all or part of its cable TV and publishing operations. Time Warner stock has been in the doldrums for several years, dragged down by heavy debt and the declining fortunes of merger partner AOL. The company recently announced a stock buy-back to boost its share price; Icahn feels that's not enough. He owns about 5 million shares in the company and feels he can get support from other stockholders.
Icahn has been involved in various entertainment companies over the years, including a long battle with Ron Perelman over Marvel (see 'Comic Wars'), which ended with Issac Perlmutter taking control of the company.