Carl C. Icahn
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Carl C. Icahn Icahn
Time Warner took a big step toward slimming down by agreeing to sell its book publishing unit a day before its most vocal shareholder, the corporate raider Carl C. Icahn, made public a plan by the investment bank Lazard to break the company into four pieces, sharply reduce expenses and buy back shares to raise its stock price. Mr. Icahn, who controls about 3 percent of Time Warner's stock, has been hounding the company to slim down and break itself up, saying those moves would increase the company's overall value in the stock market.