"NEW YORK (CNNMoney.com) -- Time Warner unveiled plans Thursday to spin off AOL as an independent company, an end to the massive media marriage formed in January 2001. "We believe that a separation will be the best outcome for both Time Warner and AOL," said Time Warner chief executive Jeff Bewkes, in a prepared statement. The $111 billion merger between AOL and Time Warner was applauded at the time as a visionary attempt to meld old media with new media. But synergies between the two never materialized." - Steven Perez from Bookmarklet