Biondi Reemerges -- To Join Icahn In Battle With Time Warner
Former Viacom CEO Frank Biondi has agreed to join Carl Icahn in his battle against the current leadership of Time Warner. If Icahn is successful in wooing shareholders and gaining control of the Time Warner board, Biondi would replace Richard Parsons, the current chairman and CEO. In an interview with Bloomberg News, Biondi said that he would move to break up the giant media company, spinning off AOL and Time Warner Cable. A blueprint of his plans for the company, prepared for Icahn by Lazard, is due to be presented to company shareholders next Tuesday. He suggested that Icahn's effort amounts to "a referendum on a business strategy, a business policy that has resulted in essentially no shareholder value improvement in quite a while." Biondi is no stranger to Time Warner. In the 1980s he served as chairman and CEO of Home Box Office. After heading, Viacom, he moved on to Universal Studios. In both cases, he was ousted by the company's owners who complained that he was not sufficiently aggressive enough as a leader.