Time Warner anticipates spinning off one or more parts of its AOL internet division although it has not made a decision yet, the company said on Wednesday, as it reported a 14 per cent decline in quarterly net profit sunk by a drop in online and print advertising.

The company, owner of the Warner Bros movie studio and CNN, also said it may pursue other alternatives for AOL and is currently in discussions with Google to buy back the internet search giant’s 5 per cent stake in AOL.