Time Warner, Yahoo up on report of AOL talks
NEW YORK (Reuters) - Shares in Time Warner Inc (TWX.N) rose 4.7 percent on Wednesday after Reuters reported that talks to sell its AOL Internet unit to Yahoo Inc (YHOO.O) or Microsoft Corp (MSFT.O) have heated up ahead of Yahoo's August 1 shareholders meeting.
Time Warner shares increased 67 cents to $14.59 on the New York Stock Exchange, while Yahoo was up 95 cents to $22.49, and Microsoft jumped 99 cents to $27.14, both on Nasdaq.
Though a structure of any potential deal is not immediately clear, sources told Reuters earlier that a deal with Yahoo would likely involve merging AOL with Yahoo, with Time Warner taking a minority stake in the combined company.
The sources told Reuters that a deal with Microsoft would likely involve a sale of AOL.
Time Warner's talks come after Microsoft's buyout talks with Yahoo fell apart, with Microsoft withdrawing its $47.5 billion bid in May.
(Reporting by Yinka Adegoke; editing by Jeffrey Benkoe)
NEW YORK - U.S. stocks were little changed on Wednesday, holding near record highs on a day of light volume, though a number of retail stocks traded heavily after reporting results.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.