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AOL and Time Warner have formally split after almost 10 years as one company.
Under the terms of the deal, qualifying shareholders will receive one AOL share for each 11 Time Warner they own.
AOL shares will begin trading on Thursday. They will even regain the market ticker symbol they used before the merger.
But the company will be worth a tiny fraction of what it once was. Its market value is put at about $2.5bn - 10% of its value at the firm's height.