Capital Research & Management, the asset management unit of Los Angeles-based
The largest shareholder in Time Warner, the action pares back Capital Research's total holdings in the company, as of Dec. 31, to 190.6 million shares, or 4.2% of Time Warner's outstanding shares, Bloomberg reports, citing regulatory filings.
Analysts are viewing the sale of the stock as a lack of confidence by the fund manager in billionaire investor Carl Icahn's plan to divvy up the media giant.
"It's a tacit vote of non-confidence in Carl Icahn," said Susan Kalla, an analyst with
Icahn has argued that by splitting up the company, its value can be increased by upwards of $45 billion.
