In a quarterly report submitted to the Securities and Exchange Commission on Wednesday, Time Warner (TW) disclosed that it would “initiate a process to spin-off one or more parts of the businesses of AOL to Time Warner’s stockholders, in one or more of a series of transactions” that have yet to be approved by the TW board of directors. Following on TW’s recent spin-off of Time Warner Cable as an independent company, the plan would unwind a union between TW and AOL that began in 2001 with the companies’ $164 billion merger. Although TW had hoped to benefit from AOL’s strengths in the online services sector, few synergies ever arose from the merger, which ultimately resulted in losses of more than $100 billion in shareholder value. Google, a 5% shareholder in AOL, has also notified TW of its intention to exercise rights to sell back its stake to TW. Once implemented, the spin-off would leave the Warner Brothers movie studio, four cable networks and the Time Warner publishing unit within TW’s stable of media assets. Experts also say that the plan would fit an ongoing shift in TW’s strategy from being a distributor of content to a producer of content. No timetable for the spin off was provided in Wednesday’s SEC filing, which also acknowledged that the company is reviewing other options for AOL.