Turner Sells 5M AOL Time Warner Shares

By | February 27, 2003 at 12:00 AM

Outgoing AOL Time Warner Inc. Vice Chairman Ted Turner sold more than 5 million additional shares of the company’s common stock on Monday, according to a regulatory filing.

Turner sold 5 million shares directly and 32,000 shares through Turner Partners LP for $10.05 to $10.61 a share, said the Form 4 released Thursday by the Securities and Exchange Commission.

After the transactions, Turner directly owned 107.2 million common shares and indirectly owned 10.6 million common shares, including 7.8 million common shares through Turner Partners LP, in which he is a general partner.

AOL Time Warner, of New York, announced Jan. 29 that Turner planned to step down from his position as vice chairman in May.

Turner also sold 462,600 shares on Feb. 19; 5 million shares Feb. 11; 450,000 shares Feb. 4; and 1.3 million shares Jan. 31, according to regulatory filings.

Shares of AOL Time Warner were at $10.65 Thursday afternoon, up 38 cents, or 3.7 percent, on the New York Stock Exchange.