I believe there are and will be major opportunities to enhance Time Warner's value in future combinations. However these transactions might not be achievable if Time Warner enters into long-term arrangements that preclude future flexibility such as an agreement regarding search functionality.

Doing this AOL deal is on the way, but not enough, to enhancing shareholder value at Time Warner, ... It proves my point that there is a great deal of unrealized value here. The best investment the company can make is in their own stock at this time.

We continue to believe that Time Warner's stock is greatly undervalued and that the company is in need of a major restructuring,

particularly important at Time Warner because of the difference of opinion between many large shareholders and management concerning the direction of the company and the lack of share price performance under current management.

Time Warner management has offered several reasons for not completely separating the cable business and buying back Time Warner shares aggressively, ... rejects management's arguments against separation and challenges management's capital return plan as a weak attempt to silence growing investor criticism.

We're not about liquidating companies. But if you do that, why is that terrible? We're not blowing up the factories. The person who buys it should be able to make the asset more productive.