• Time Warner moved closer to spinning off AOL, while at the same time reporting a 14 per cent decline in quarterly net profit due to a drop in online and print advertising. Disposing of AOL would untangle what many consider one of the worst mergers in US corporate history, one that has lost shareholders more than $100bn.
• Google lost its fourth high-profile executive since March, with the departure of display ad chief David Rosenblatt, the former chief executive of DoubleClick, which Google acquired last year. Mr Rosenblatt reportedly doesn’t have another job lined up yet, but is aiming to leave Silicon Valley and move to New York.

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