Icahn Expected to File Plans for Time Warner

Billionaire investor Carl Icahn and several hedge funds are expected to make their plans public as early as today for improving the performance of Time Warner Inc.

Wall Street sources said Icahn was preparing to inform the Securities and Exchange Commission in a filing that he had assembled a group of Time Warner shareholders holding more than 5% of the company’s stock.

In the filing, Icahn is expected to call for Time Warner to expand a stock buyback plan by $10 billion to $20 billion and to radically reduce its costs. He could also push for the sale or spinoff by Time Warner of its cable, publishing and America Online groups.

One hedge fund that may join the fight is Jana Partners, which teamed up with Icahn this year to force Kerr-McGee Corp. to sell assets and drop an expensive acquisition.

-- Sallie Hofmeister