Time Warner and AOL has officially announced the details of their separation.  According to the official press release, come Dec. 9, 2009 Time Warner stockholders on record as of November 27, 2009 will receive one share of AOL common stock for every eleven shares of Time Warner common stock they owned.

Time Warner currently has a current market cap of $38 billion, putting AOL’s implied value at $3.2 billion.

Beginning Nov. 24, 2009, AOL common stock will begin trading under the “when issued” basis and the symbol “AOL WI” and will end until December 10 when it will start on the “regular way” trading under a new symbol “AOL”.

After stocks have been traded and AOL is full separated from Time Warner, it’s practically back to the drawing boards for AOL CEO Tim Armstrong to spin off AOL to new heights again.

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AOL Spins Off from Time Warner on Dec. 9

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