Turner turns back towards Time Warner!

Putting a rather abrupt end to his stint with Time Warner, Ted Turner, Time Warner Inc.'s biggest individual shareholder is expected to leave the board of the world’s largest and most well known media company. The announcement comes after a tenure marked by clashes with management and public criticism of the company’s merger with America Online.

Turner, who sold Turner Broadcasting System Inc. to Time Warner in 1996, had stepped down from the post of vice chairman almost three years ago. He is currently involved in non-profit organizations such as the Turner Foundation, which supports environmental efforts.

While Time Warner Inc. declared that their former vice chairman and founder of the Cable News Network, will be leaving the board of the company, all that Ted Turner himself had to say was, "It is after much deliberation that I have decided not to stand for reelection at the annual meeting. I have enjoyed working with [Chairman] Dick Parsons as well as the other board members and the management team.

It may be noted that Turner had been a harsh critic of Time Warner ever since its much talked about merger with America Online. What is also of special significance is the fact that his announced departure follows last week's news that Time Warner had reached an agreement with billionaire financier Carl Icahn to boost its buyback program to billion and move more aggressively to cut costs.

As per the details of the agreement worked out between the two parties, while Dick Parsons, Chairman, will increase a share buyback to billion, cut expenses by billion over two years and add the two directors to the board, Carl Icahn will abandon his push to replace the board and break up the company.

Turner will serve as director until Time Warner's annual shareholders meeting scheduled for later this year.

Time Warner also said Carla A. Hills, former U.S. Trade Representative, will also step down from the board under the board's retirement policy.

Time Warner shares fell 11 cents to .27 in morning trading on the New York Stock Exchange.