As anticipated, the board of directors of AOL Time Warner Inc. has voted to rename the company Time Warner Inc. The name change also includes the adoption of a new stock symbol: TWX" -- Time Warner's symbol on the New York Stock Exchange from before the merger.
"We believe that our new name better reflects the portfolio of our valuable businesses and ends any confusion between our corporate name and the America Online brand name for our investors, partners and the public," chairman and ceo Dick Parsons said in a prepared statement.
The move is part of a further distancing and restructuring between America Online and Time Warner as a result of stock woes. The company acquired its name after America Online Inc. merged with Time Warner Inc. in 2001. Work is underway to change the company's logos and the way promotes its brands, to be instituted over the next several weeks.