Time Warner buys back AOL stake from Google

Time Warner bought back Google 5% stake in struggling Internet company AOL for $283M. The price, paid July 8, is close to what Google estimated stake this year. The details emerged in a regulatory filing by AOL. The deal sets the stage for AOL's impending spinoff from parent Time Warner. Mountain View-based Google bought the stake for $1B in 2006, but in Jan. estimated the investment had sunk by more than 70% to $274M -- giving AOL a market value of about $5.5B. Time Warner agreed to buy back the stake earlier this year. The price at which NY-based Time Warner bought back the stake values AOL slightly up, at about $5.66B.