Corporate raider Carl Icahn, who rarely backs off from a fight, appears to be doing so in his effort to gain control of Time Warner. Published reports said today (Friday) that Icahn and top officials of Time Warner have met and that a settlement is likely to be reached that will put one or more Icahn supporters on the Time Warner board. Other reports speculated that Time Warner may have also agreed to more aggressively slash costs by about $1 billion and to buy back additional shares, as Icahn had demanded. But the primary reason that Icahn is abandoning his fight, analysts suggest, is that he simply hasn't found sufficient backing among Time Warner shareholders for his plan to break up the company into four distinct units.
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