Time Warner's profits up, unveils AOL talks

Time Warner today posted an 80 per cent increase in profits, boosted its share buyback plan to $12.5 billion from $5 billion, and confirmed it was in talks over its AOL internet arm with "a number of strategic partners".

It had already been a busy week for the media conglomerate. Separately, the company today said its Time Inc unit had received a writ from a federal grand jury in connection with an investigation into magazine circulation.

Read the complete story here. (Times Online)

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