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TW unloads a third Euro unit of AOL

Conglom to sell U.K.-based netco to Carphone Warehouse

Time Warner said Wednesday that it’s selling AOL U.K. to British company Carphone Warehouse for about $688 million.

AOL France was recently sold to Neuf Cegetel and AOL Germany to Telecom Italia.

In the U.S., Time Warner is in the midst of a radical revamp of the ailing AOL. Increasingly upbeat, but still tentative, Wall Street sentiment on the potential for a turnaround has helped TW’s usually sluggish stock rally in recent weeks.

Shares rose 0.74% Wednesday to close at $19.12.

Deal puts Carphone Warehouse in third place among British broadband providers. The Brit group apparently beat out BSkyB and French cell-phone provider Orange. They were said to have been put off by some of the terms.

As with the other deals, AOL will still provide content through a co-branded portal and will manage online ad sales for the two companies’ combined broadband customers.

Carphone Warehouse gets AOL U.K.’s 1.5 million broadband customers and 600,000 dial-up subscribers.

It said in a statement the acquisition would help it boost pretax profits this year by $18.6 million.

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