CASE STUDY Time Warner AOL Brief The Internal Revenue Service of the United States Treasury asked Intangible Business to evaluate the internal management of Time Warner AOL’s UK business, how it functioned and integrated into Time Warner AOL’s global operations. The purpose was to evaluate the value of the UK subsidiary taking into account its intangible assets of artists, music and film repertoire and backlog and additionally its substantial distribution operations across film, music and characters. Issue: Time Warner AOL determined their UK subsidiary was valued at just above net assets only for transfer into a new internal tax structure. The justification was that the subsidiary only had limited rights to distribute and market music and film, and played a low key role within the

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