In a move that may surprise those who aren't used to watching corporate raider Carl Icahn go down quietly, the billionaire investor is supposedly backing down from his cry for a Time Warner
Just last week, Lazard
Suggesting a split wasn't heresy. It seems to be working for Viacom
Icahn's retreat doesn't give Time Warner CEO Dick Parsons a free pass. As long as Icahn isn't unloading his 3.5% stake in the company, he can always return to fight another day. A significant show of shareholders siding with Icahn's nominees may also force Time Warner to take a harder look at why it can't seem to get its stock out of the high teens.
For now, at least, there is peace. A few more healthy quarters out of the company, and that peace may be permanent.
Longtime Fool contributor Rick Munarriz has been an AOL subscriber since 1992, but he doesn't own any of the stocks mentioned in this story. The Fool has a disclosure policy. Rick is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early.