Mr. Biondi is joining the Icahn Group, which has been trying to elect new directors to Time Warner’s board and implement a turnaround plan. For months, Mr. Icahn has been calling for Time Warner CEO Richard Parsons to spin off or sell the America Online unit and buy back more stock.
Mr. Biondi has agreed to serve as chairman and CEO of Time Warner if appointed by the board, according to a statement from the Icahn Group. “He helped make Universal, Viacom and HBO into the successes they are today,” said Mr. Icahn. “We are confident he will do the same for HBO’s parent company, Time Warner.”
Last month, the Icahn Group, which collectively owns only 3% of Time Warner shares, hired investment bank Lazard to propose options for improving the media giant's stock price.
Lazard’s report, slated for release next week, will show “a detailed analysis of Time Warner and a blueprint for how Time Warner should be reconfigured to provide for a more successful, entrepreneurial and valuable company,” said Mr. Icahn.
Catherine Tymkiw is a senior online reporter for Crain’s New York Business.