Bloomberg News Service
AOL Time Warner Inc. chairman Steve Case sold about $48.9 million in stock last week, following a 43 percent rise in shares of the world’s largest Internet and media company since the start of the year.
The 1 million shares, which represented about 3 percent of Case’s stake in the company, were sold Feb. 6, spokesman Jim Whitney said. The Honolulu-born Case sold the stock for financial planning reasons, and the sale leaves him with about 30.2 million shares and options, Whitney said.
AOL Time Warner was created Jan. 11 when America Online Inc. completed its $124 billion purchase of No. 1 media company Time Warner Inc. The former America Online gave its employees option grants, with executives gaining millions in compensation each year when they exercise those options.
Case reported $326.7 million from exercising options to buy America Online stock in the company’s year ended June 30, according to a filing with the U.S. Securities and Exchange Commission.
Shares of AOL Time Warner rose $1.42 to $49.95 yesterday.
