Capital Research & Management, the asset management unit of Los Angeles-based Capital Group, has sold 48.3 million shares of Time Warner.

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 Caris & Co.

Icahn has argued that by splitting up the company, its value can be increased by upwards of $45 billion.

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