Time Warner has bought back Google's 5 per cent stake in struggling Internet company AOL for $283 million. The price, paid July 8, is close to what Google estimated its stake at earlier this year. The details emerged in a regulatory filing by AOL on Monday.
The deal sets the stage for AOL's impending spinoff from parent Time Warner.
Mountain View-based Google bought the stake for $1 billion in 2006, but in January estimated the investment had sunk by more than 70 per cent to $274 million, giving AOL a market value of about $5.5 billion.
Time Warner agreed to buy back the stake earlier this year. The price at which New York-based Time Warner bought back the stake values AOL slightly higher, at about $5.66 billion.